Bryan Singer Accuser Indicted For Fraud

12/17/2014 11:29 AM PST

Bryan Singer Accuser -- Indicted For Fraud

Breaking News

Michael Egan -- the man who accused "X-Men" director, Bryan Singer, and mega producer Garth Ancier of repeatedly sexually assaulting him when he was 15 years old -- has been criminally indicted for securities and wire fraud. 

Egan made a spectacle of his allegations by holding a news conference in which he described in lurid detail what he claimed to be an organized sex ring at various pool parties.

Egan abruptly withdrew his lawsuits after his case began crumbling. The feds indicted Egan Thursday for allegedly defrauding investors by promising to invest money in Halloween-themed ventures, but instead pocketing the cash to pay for personal expenses.

According to the indictment Egan lied about owning parts of Vegas hotels and casinos and knowing the CEO of a major bank. He also allegedly duped an attorney into telling his investors that he had $13 million in assets when in reality he had less then $11K to his name.

If convicted he could face up to 20 years in prison and $5 million dollars in fines.