R. G. Reynolds Charged With Mail Fraud : Investment: The talk show host is named in a 60-count indictment. He is charged with two schemes that allegedly cost investors about $3 million.

Talk show host and financial adviser R. G. Reynolds was arrested by federal postal inspectors Wednesday in Laguna Niguel and charged with 60 counts of mail fraud. The charges, revealed in an indictment unsealed by the U.S. Attorney’s Office in Los Angeles on Wednesday, involve two investment schemes carried out by Reynolds that allegedly cost investors nearly $3 million.

Reynolds, 44, was to remain in custody until a hearing this morning before federal Magistrate Judge Venetta Tassopulos. Assistant U.S. Atty. Ronni B. MacLaren said her office has requested that Reynolds not be released on bail because he has threatened witnesses and attempted to have a document relating to the case destroyed.

If convicted, Reynolds faces up to 320 years in prison and more than $15 million in fines. Reynolds’ attorney, Jenny Scovis, could not be reached for comment.

The indictment was returned by a grand jury Tuesday after a four-year investigation by the U.S. Postal Inspection Service. It says Reynolds--also known as Richard Fernando Gonzales and Richard Reynolds--portrayed himself as a self-made millionaire, financial analyst and investment adviser, although he was never licensed as an investment adviser.

Reynolds produced and hosted a syndicated financial radio talk show called “The Reynolds Rap,” which formerly aired on KIEV 870 AM in Los Angeles and KPZE 1190 AM in Orange County. He also hosted a cable-television show that appeared in Los Angeles and San Jose, and he published a monthly newsletter.

The indictment charges that from January, 1985, to April, 1987, Reynolds induced inexperienced investors to give him funds for investment in stocks, commodities, real estate and ventures such as diamond mines and construction of a radio station in Glendale.

But instead of being invested, the indictment says, most of the funds were used to pay the operating costs of Reynolds’ companies and for personal expenses of Reynolds and others, including house rental payments, a down payment for a BMW, home appliances, travel and gambling.

About 160 victims who invested $1,000 to $130,000 each lost a total of $2.475 million, the indictment says.