NORFOLK, Va. - Federal prosecutors say a Toronto man has been indicted in Virginia on 25 counts of wire fraud.
The government said Wednesday 47-year-old Brian Ray Dinning recruited about two dozen people to invest in corporations he established, such as a luxury housing development in South Africa. Prosecutors said the Canadian also used non-profit corporations to obtain donations for community projects for tribal people in South Africa and to develop wildlife habitats for native African species.
Instead of investing the money, however, the indictment alleges he used it for personal and family use, such as a down payment on a $975,000 home in Suffolk. He allegedly obtained $2.9 million from investors, pocketing two-thirds.
Prosecutors said each count of wire fraud carries a maximum penalty of 20 years in prison.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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