Former University of Texas football player Russell Erxleben was arrested this morning, according to a spokesman with the U.S. Attorney's Office for the Western District of Texas.

In an indictment handed up Tuesday and unsealed Thursday, Erxleben is accused of running a Ponzi scheme that generated more than $2 million, officials said. He was indicted on five counts of wire fraud, one count of securities fraud and two counts of money laundering.

Erxleben is expected to appear in federal court this afternoon.