The former co-founder of a multi-million dollar hedge fund is facing charges claiming that he lied to his investors and misappropriated nearly $20 million as part of a Ponzi scheme. Jason Rhodes of Fairfield County was arrested on Tuesday morning on conspiracy, securities fraud, wire fraud, and investment adviser fraud charges. The charges stem from his participation in an elaborate scheme to defraud investors in the hedge fund and using investor funds to repay earlier investors in a Ponzi-like manner.