Ex-business professor charged in $3M investment scheme

A former adjunct professor at Columbia Business School has been charged with bilking investors including a former student out of $3 million.

Gregory Rorke was freed on $1 million bail Friday after his initial appearance in federal court in Manhattan. He's facing criminal securities and wire fraud charges, plus civil claims brought by the Securities and Exchange Commission.

U.S. Attorney Preet Bharara says Rorke "grossly misrepresented his character and financial stability" to investors in his software company.

Defense lawyer Michael Tremonte declined to comment.

Prosecutors say the 60-year-old Rorke made false representations to investors from at least December 2009 until his arrest. Prosecutors say the Bronxville resident duped more than 30 investors.