A Nesconset business man accused of running an investment scam was arrested on fraud and forgery charges, but was a no-show at his arraignment Friday.

Prosecutors say 46-year-old Charles DeFranco suckered several people into an investment scheme to buy all the Best Yet Market stores on Long Island. They also say DeFranco brought potential investors to a store in Oakdale, where he walked them around on an "insiders? tour" to seal the deal.

There was no truth to any of it, according to prosecutor Christopher Nicolino. He says DeFranco used investors? money to fund his lifestyle.

The arraignment was rescheduled for Monday.