Michael Francis Egan III, who had previously accused X-Men director Bryan Singer of sexual abuse when he was a teenager, has been indicted on securities and wire fraud charges for operating a fraudulent investment scheme that lasted from 2007 to 2012. Egan was indicted by a grand jury in Charlotte, North Carolina.
Over the course of his scheme, Egan fraudulently persuaded investors that he was a close associate of the chief executive of a prominent bank and that he owned stakes in noteworthy Las Vegas hotels. He told investors that he would invest in projects including Halloween-themed attractions, land development, and television programs. Rather, he spent investors’ cash on his rent, car lease, pet care and living expenses, according to the U.S. Attorney’s Office and the FBI.
Egan faces of maximum sentence of twenty years imprisonment if convicted on securities fraud and a similar sentence on the wire fraud charge.
Earlier this year, Egan filed a high-profile civil suit alleging X-Men director Bryan Singer and three Hollywood executives of sexual abuse when he was a teenager. Singer filed a motion to dismiss the suit, stating that the claims were a “sick, twisted shakedown.” Subsequently, Egan filed a motion for voluntary dismissal of the case against the group.
If you or someone you know has lost money as a result of an investment or Ponzi scheme, please contact Richard Frankowski at 888-741-7503 to discuss your potential legal remedies or complete the contact form.