A Columbia accountant has been indicted in federal court, the U.S. Attorney's Office announced this morning.
Daniel T. Monahan, 58, of Columbia is charged with mail fraud, according to a press release.
According to the indictment, Monahan was instructed in March 2006 by two of his clients to reinvest more than $800,000 from a real estate transaction. Rather than follow their instructions, the suspect used the money to day trade and pay off other debts.
No other details were immediately available.
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The maximum penalty he could receive is a fine of $250,000 and/or imprisonment of 20 years.
The case was investigated by the Federal Bureau of Investigation and is assigned to Assistant United States Attorney Winston D. Holliday Jr. for prosecution.
-- From Staff Reports