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An FBI spokeswoman confirmed the arrest to the Los Angeles Times, saying that James Fayed was picked up late Friday at his home in Ventura County. A source told the newspaper the charges involve fraud and that Fayed's home and business have both been searched.

Pamela Fayed was killed in the parking garage of a Century City, Calif., office building. She had just left her lawyer's office.

The couple ran two companies, Goldfinger Coin and Bullion Sales and a related online gold-trading company, E-Bullion. A judge had been scheduled to hear arguments on Pamela Fayed's request to have the business treated as a separate entity in the divorce because she feared her husband was trying to conceal assets.

Fayed's lawyer, Mark Werksman, a former federal prosecutor, said he believes federal authorities are trying to use Pamela Fayed's killing to press the fraud case against James Fayed.

"They accelerated this as a result of Pam's death on Monday", he said.

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