Charley Gallay/Getty Images for MPTFThe man who accused Hollywood director Bryan Singer of sexually abusing him as a teenager has been indicted on wire fraud charges.
According to the U.S. Attorney's Office, Michael Frances Egan III allegedly "engaged in a fraudulent investment scheme by inducing his victims to enter into various fictitious business and investment contacts."
In addition, Egan allegedly promised that he would invest in projects like Halloween-themed attractions and TV shows. In reality, he did not invest victims' money as promised.
"For example, the indictment alleges that Egan forged brokerage account statements to reflect fraudulent business practices when, in reality, those accounts had no money or a fraction of the purported amount," according to the U.S. attorney.
The illegal acts lasted from August 2007 to February 2012.
If convicted, Egan faces a maximum of 20 years in prison and a $5 million fine for the securities fraud count and a 20-year prison term and $250,000 fine for the wire fraud count.
Egan first made headlines when he accused Singer of sexually abusing him as a 17-year-old back in 1999.
Singer's attorney denied the allegations calling the claims "completely without merit." Singer himself later told E! News in a statement that "the allegations against me are outrageous, vicious and completely false."
Egan ultimately dropped the sexual abuse case against Singer.