The daily Listin Diario newspaper reported Detlef Spiess was picked up Saturday in Boca Chica, a tourist city of about 100,000 some 30 kilometres east of the capital of Santo Domingo.
He will be deported back to Germany for prosecution, the newspaper reported. Among the crimes he's charged with are investment fraud, money laundering and falsification of public documents, the newspaper reported.
According to Listin Diario the 53-year-old is accused of defrauding tens of millions of euros from investors in Germany, Belgium and Switzerland between 2001 and 2005 for alleged investments. But instead he was simply stealing their money.
After the scheme was uncovered, Spiess fled to the Dominican Republic and a warrant was issued by a Wiesbaden court for his arrest.