MIAMI (CBSMiami) – President Trump’s former chief strategist, Steve Bannon, is under arrest.

Agents from the US Postal Service took him into custody on a yacht off the coast of Connecticut.

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Bannon and three other people for allegedly defrauded donors through an online crowdfunding campaign, based in Florida, known as “We build the wall.”

Federal prosecutors say the men raised more than $25 million, telling donors that 100 percent of the money raised would help fund President Trump’s border wall.

President Trump says he feels badly for Bannon while distancing himself from his former advisor.

Prosecutors say Bannon and his co-defendants used some of the money to fund a lavish lifestyle and even took steps to conceal the scheme.

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The men are each charged with a count of conspiracy to commit wire fraud and a count of conspiracy to commit money laundering.

The genesis of the investigation into Bannon and his associates stems from consumer complaints made to the office of Florida Attorney General Ashley Moody.

Moody’s office then turned over those complaints to the Florida Department of Agriculture and Consumer Services.

Commisioner Nikki Fried says her office opened an investigation into the Florida-registered charity and what they found prompted them to contact the FBI.

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Fried says the state’s investigation is ongoing and the department has immediately suspended the charity registration for “We build the wall.”