ST. JOSEPH COUNTY, Ind. -- A complaint filed in St. Joseph County alleges a local business owner has been running a Ponzi scheme since at least 2008.

Bruce Jones, owner of TAAG Indiana, is accused of selling interests to the plaintiff in what Jones allegedly described as investments in securities.

The plaintiff claims Jones said investor funds would be used to buy legitimate assets and the plaintiff would receive guaranteed or above-market returns.

The complaint also alleges the investments were actually part of a Ponzi scheme, where Jones used funds from later investors to pay purported returns.

The plaintiff stated they received little or no return and principal hasn't been repaid.

The plaintiff claims they "reasonably relied on Defendant's misrepresentations and suffered damages exceeding $2 million."

The complaint accuses Jones of Fraud, Conversion, Violation of Indiana Uniform Securities Act, Securities Fraud, and Unjust Enrichment/Constructive Trust.