A 39-year-old Pace man has been arrested for fraudulently selling a man property in Perdido Key for $540,000. The victim said he has known Mark Puno for four years and paid him the money in return for the property located in the 1300 block of Innerarity Point Road in Perdido Key. He soon discovered Puno did not actually own the property. Puno, was arrested on fraud charges and is being held in Escambia County jail on $600,000 bond.