CHARLOTTE — Federal regulators say a North Carolina man will repay investors $1.5 million and pay a $500,000 fine for operating what appeared to be a Ponzi scheme that hoodwinked commodities traders.

The U.S. Commodity Futures Trading Commission said Wednesday that Robert S. Moss of Charlotte got nearly two dozen investors to put up more than $3 million.

The CFTC says Moss claimed he never had a losing year since 1993 and his annual trading returns were never less than 22 percent. Regulators say Moss used investors’ money for personal expenses and the mortgage on his home.

A message left at a telephone number listed for Moss in Charlotte was not returned Wednesday. The CFTC said Moss consented to the settlement and agreed he wouldn’t deny any of its conclusions.