Michael Egan had his day in court but it had nothing to do with Hollywood directors and executives and sex scandals. The man who accused Bryan Singer and others of sexual molestation back in 1999 now faces up to 20 years behind bars and a more than $5 million fine for securities fraud and wire fraud related to a fraudulent investment scheme.
With a federal indictment handed down on December 16, Egan will next face a magistrate judge on January 13, 2015. After first making his accusation in April, Egan withdrew his lawsuits against Singer and others in August of this year after he repeatedly contradicted himself in past and present statement on the alleged events of 15 years ago. A countersuit is currently working its way through the courts.
In the case of the indictment this week in Charlotte, N.C., Egan was found by a grand jury to have concocted an elaborate lie of how much he was worth and projects he was involved in to investors. The indictment does not mean Egan is guilty of the charges, as he still has to face a jury trial.
Running the presumed con from August 2007 to February 2012, Egan promised big returns from a Halloween theme park, TV shows and real estate he claimed to be involved in. After an investigation by the FBI and the U.S. Attorney for the Western District of North Carolina, it as discovered the money was going for more basic elements of Egan’s real life like groceries and rent.