The former California president of a large outdoor advertising company has been charged in New York with engaging in a $19.7 million fraud scheme.

Prosecutors announced the charges Thursday against 48-year-old Todd Hansen, of Bakersfield, Calif., man. He was formerly president of the U.S. division of Posterscope. Fraud charges were also brought against the company's former finance director, James Buckley. Buckley of Westwood, N.J., was arrested Thursday. Hansen is expected to surrender Friday.

A message left with Buckley's lawyer wasn't immediately returned. Hansen's home phone number was unpublished.

A criminal complaint filed in Manhattan federal court accused the men of inflating income figures to make it appear the company was meeting monthly performance targets when it was not. Both were charged with conspiracy to commit wire fraud and wire fraud.