According to Syracuse.com, the Watertown man who owns the Jreck Subs franchise was arrested Friday.
The report says Christopher Swartz, age 47, is accused of trying to conceal his assets as he awaits sentencing for swindling his investors.
Federal agents reportedly arrested Swartz on charges of violating his bail by trying to hide his assets.
Swartz admitted in federal court last September to bilking investors out at least $9.5 million, in a scheme that lasted for a decade.
He pleaded guilty to charges of wire fraud and tax evasion.
Swartz faces up to 20 years in prison when he is sentenced. He also could be ordered to pay restitution and a fine of up to $250,000.