The man behind a failed investment scheme that involves millions of dollars has been formally charged with fraud. Cyril Wheeler was in court in Gander on Monday.

Wheeler was confronted by an angry crowd in Summerford last week demanding their money back. Wheeler then turned himself into police and confessed that the money had not been properly invested. He had been paying investors back with their own cash, but the cash ran out.

Wheeler will be back in court next week. He's still in custody at his request.