RENO, Nev. — Two Montana men have been indicted on fraud charges for an investment scam that federal prosecutors say bilked more than 700 people with promises of never-lose trading techniques on the foreign exchange market.

Richard Young, 49, of Lewistown, and William Willard, 65, of Bozeman, were indicted on charges of mail fraud, wire fraud, conspiracy, money laundering and engaging in money transactions with property derived from criminal activity.

Three companies the men operated in Nevada were also named in the Dec. 3 indictment, which was unsealed Dec. 30 and announced Tuesday.

The men received nearly $1 million from foreign and domestic investors that they used for their own gain from April 2006 to October 2007, prosecutors said.

Young and Willard marketed Global One, which wasn't a licensed broker, as a company that provided educational opportunities on trading techniques in the foreign exchange market, the indictment said.

Investors were charged $500 annual memberships for access to Global One's Web site, conference calls and Web-based seminars, and instructed to open accounts with foreign exchange brokers recommended by Global One.

In presentations, investors were told that Young made 8,000 successful trades in a year without suffering one loss, and the company had a software trading program that could automatically execute trades.

"Individuals should be particularly cautious of promises of unusually high rates of return on investments," Nevada U.S. Attorney Greg Brower said in a written statement. "Offers that sound too good to be true could actually be part of a fraudulent scheme devised to steal your money."

Young and Willard allegedly transferred money received by Global One from investors into the bank accounts of Maelee Enterprises and Badie Inc. for their own use.

An arraignment was scheduled Jan. 22 before U.S. Magistrate Valerie P. Cooke in Reno. Prosecutors didn't know whether the men had lawyers.

The most serious charges carry sentences of up to 30 years and fines up to $1 million.