CHARLOTTE, N.C. -- A Waxhaw man was arrested by the FBI Friday morning following a raid conducted in his home.

Agents arrested James Edward Cox and charged him with wire-fraud and money laundering.

Cox was arrested by agents who searched his home on Cotton Field Circle.

He was brought to the Federal Court in Charlotte for his first appearance before a judge.

Many of the details of the fraud that is said to amount to millions of dollars remain sealed on order of a judge but prosecutors said the fraud case developed out of the Western District of Texas and ran from January 2010 until this January.

When prosecutors asked if Cox could be held without bond, Cox ignored the advice of his lawyer and pleaded with the judge to set bond saying, "I'm 57-years old and I have never been in trouble."

Cox will be back in court next week for a detention hearing.

In order to continue to hold Cox with no bond, prosecutors will have to prove to a judge that Cox is a flight risk and/or a threat to the community.