WASHINGTON--The Securities and Exchange Commission said yesterday that it has charged Jay Deutchman with running an alleged Ponzi scheme involving municipal unit trusts that extracted more than $3.5 million from investors.

Deutchman, who was based in Mahopac, N.Y., offered the securities through a corporation called Cencom Systems Inc. The SEC said Deutchman's whereabouts are unknown and he has apparently absconded with the investors' money.

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