A former Mayor of Glastonbury, 73 year old Edward James, has been charged, along with six other people, in connection with the collapse of a Cornwall based foreign currency firm.
8,000 people are thought to have lost around £16m of their holiday money when Crown Currency Exchange based in Hayle went into administration in 2010.
The CPS alleges Mr James, who was a Joint Director of Crown Currency Exchange Ltd and Crown Holdings, knowingly carried on business for a fraudulent purpose and falsified accounts.
He has been charged with fraudulent trading, false accounting and companies act offences.
Mr James, along with six others, has been released on bail to appear at Westminster Magistrates' Court in London in September.