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.
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