A grand jury in Charlotte, North Carolina, on Tuesday
indicted Michael Francis Egan III, 32, who is a former resident
of that community, for operating the scheme from 2007 to 2012,
U.S. Attorney Anne Tompkins' office said in a statement released
by the Federal Bureau of Investigation.
During that time, Egan falsely convinced investors he was a
close associate of the chief executive of a major bank and that
he owned stakes in famous Las Vegas hotels, the U.S. Attorney's
Egan promised people who gave him money he would invest in
projects such as Halloween-themed attractions, land development
and television shows; instead, he spent the money on his rent,
car lease, pet care and living expenses, according to Tompkins'
office and the FBI.
Egan will be ordered to appear in court and faces a maximum
sentence of 20 years in prison if convicted of securities fraud
and a similar sentence if found guilty of the wire fraud charge
An attorney for Egan could not be reached for comment.
Egan earlier this year filed high-profile civil lawsuits
accusing "X-Men" director Bryan Singer and three Hollywood
executives of abusing him as a teenager.
But after Singer filed a motion to dismiss the lawsuit, calling
the claims a "sick, twisted shakedown," Egan filed a motion for
voluntary dismissal of the case against the movie director.
Egan's similar lawsuits against three other Hollywood executives
were also dismissed.
(Reporting by Alex Dobuzinskis in Los Angeles; Editing by
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