California IN BRIEF : SAN FRANCISCO : Ex-Radio Figure Held in Fraud Case

A former radio personality was ordered to appear this week on bank fraud charges in connection with an alleged investment scheme involving thousands across the United States. Mike Savage was being held without bail until Thursday’s appearance. He is accused of masterminding an investment scam called the Savage Program, according to the IRS, which has been investigating the case since 1987. Investors were told they could turn a $5,000 investment into a $10-million profit in one month through foreign currencies and international loans, court documents state. Instead of investing the money, Savage, 32, a former Northern California radio personality and onetime owner of the Napa Sentinel newspaper, transferred the money from accounts in Europe and Asia to a Napa bank, according to the IRS. Court affidavits claim Savage “diverted investors’ money” for “a lavish lifestyle,” including European trips to buy cars and property, according to a copyrighted story in the Napa Register.