Bryan Noel, owner and president of now-defunct Titan Composites, Hendersonville, N.C., has been arrested on suspicion of swindling $7 million through an investment scheme for retirees.

According to federal prosecutors, Noel, 39, sent fictitious quarterly statements to investors, even as their funds were diverted to Titan Composites or squandered in the stock market. The company filed to liquidate under Chapter 7 bankruptcy in August 2007.