A Southern Arizona man has been indicted by a federal grand jury for investment fraud involving approximately $1.4 million. The federal indictment against Phillip Mark Cain was handed down on Thursday, March 17, 2011, by a federal grand jury in Tucson, AZ.Mr. Cain, 44, of Corona de Tucson, AZ, which is located south of Tucson, faces a 31-count indictment. He was arrested on February 25, 2011, and has been accused of mail fraud, wire fraud and money laundering. According to federal prosecutors, Mr. Cain allegedly solicited about $1.4 million from unsuspecting investors who were under the impression that their money was being invested in structured notes from Deutsche Bank. Investigators claim that the Tucson-area man instead deposited the funds in his personal bank accounts at JPMorgan Chase. Prosecutors claim that Mr. Cain withdrew his client’s funds in the form of personal checks and cashier’s check made payable to himself and his family members. The alleged fraudulent activities took place between June 2008 and June 2010. Mr. Cain has been accused of using his investor’s money to repair and sell 62 classic cars. The classic cars were supposedly sold between October 2010 and February 2011. It is unclear as to when Mr. Cain is expected back in court.