UTICA, N.Y. (AP) — Authorities say a central New York couple has been arrested in Myrtle Beach, South Carolina on the 53-foot yacht they bought after bilking investors out of $650,000.

New York Attorney General Letitia James says Wednesday that 53-year-old David Wright and 54-year-old Ramona Wright have been charged with grand larceny and fraud.

James says the Wrights defrauded more than two dozen people in an investment scheme involving a rehabilitative hospital bed marketed by their former company, Wright Wellness Solutions of Sherrill in Oneida County.

Officials say the Wrights instead spent their clients' money on a yacht, two luxury SUVs and Rolex watches in addition to stealing $100,000 in cash.

Both are being held in the Oneida County Jail on $150,000 cash bail.

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