Michael Egan Accused of Securities and Wire Fraud Charges

By Florida Mae Acampado | 3 years ago
Michael Egan Accused of Securities and Wire Fraud Charges
Bryan Singer at the 2013 San Diego Comic Con International in San Diego, California.

After accusing “X-Men” films director Bryan Singer and other notable figures of sexual abuse, Michael Egan finds himself indicted by the FBI due to securities and wire fraud charges in Charlotte, North Carolina.

Variety reports that, according to the US Attorney’s Office, the indictment was filed on Tuesday, Dec. 16, 2014, accusing Egan of manipulating a fraudulent investment scheme dated from August 2007 to February 2012.

Egan allegedly induced his victims to enter into fictitious business projects and investment contracts. Such projects include Halloween- and holiday-themed attractions, land development and investment deals and television shows. But in truth, he did not invest his victims’ money but instead kept it for himself, allegedly to pay for his rent, medical bills, groceries, etc. He is also accused of lying to his victims about his financial background and personal assets.

Once found guilty of the charges, Egan will be subjected to a maximum of 20 years in prison, as well as a $5 million fine for the securities fraud count and a $250,000 fine for the wire fraud count. As of the moment, calls to Egan’s contact numbers in court records are not returned.

In April 2014, Egan accused Singer, former NBC president Garth Ancier, Broadway producer Gary Goddard and former Disney executive David Neuman of sexually abusing him as a teenager. In response, all four denied the accusations thrown at them.

Later on, evidence against Egan’s story was brought into light, forcing Egan to fall back. This gave way to Ancier filing a lawsuit against him. On Wednesday, Dec. 17, 2014, Ancier’s lawyer, Louise Ann Fernandez, released a statement regarding her client’s lawsuit against Egan. You can read the full statement here.

For more updates on Michael Egan and this issue, keep tabs on Movie News Guide (MNG).

Photo source: Wikimedia Commons/Gage Skidmore



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