Former baseball player Lenny Dykstra has been arrested on federal fraud charges.

The Los Angeles Times reported that U.S. prosecutors Friday charged the one-time outfielder Lenny Dykstra with bankruptcy fraud.

Dykstra, 48, was taken into custody at his home in Encino, California on Thursday night.

The charge relates to fraud allegedly committed by Dykstra in connection with sale of items from a Ventura County mansion he owned.

The federal charges stem from a bankruptcy case that Dykstra filed on July 7, 2009, the prosecutor’s statement said.

The criminal case filed in U.S. District Court alleges that Dykstra removed, destroyed and sold property that was part of the bankruptcy estate without the permission of the bankruptcy trustee.”

Moreover, according to prosecutors, Dykstra admitted in a bankruptcy hearing to having arranged the sale of sports memorabilia and a dresser that were property of the bankruptcy estate; and Dykstra ‘ripped out’ a $50,000 sink from his mansion and took granite from the mansion and installed it in an office he set up at the Camarillo airport after he had filed for bankruptcy protection.

He is reportedly being held on $500,000 bail.

Once a superstar outfielder with the New York Mets and Philadelphia Phillies, in retirement Dykstra became a successful businessman. He sold a car wash in Southern California in 2007 for millions, later he became a stock analyst with Jim Cramer at Street.com.

However, Dykstra was subsequently dogged by rumors and accusations of financial wrongdoing, missed payments on bills and credit card fraud, embezzlement, among other misdeeds.

Dykstra, who filed for bankruptcy in July 2009, faces a maximum sentence of five years in federal prison if he is convicted.

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