BALTIMORE- A federal grand jury has indicted a Talbot County in a real estate investment fraud scheme that allegedly resulted in more than $747,000 in losses, prosecutors announced Tuesday.
Aaron G. Seltzer, 36, of Trappe, is facing nine counts of wire fraud in connection with a scheme in which he is accused of having converted funds intended for real estate investments to his personal use, prosecutors said. The indictment was returned on March 14 and unsealed Tuesday upon Seltzer's arrest.
According to the indictment, Seltzer was a licensed Maryland attorney who handled real estate transactions and maintained an office in Crofton, Md. The indictment charges that from January 2008, through 2010, Seltzer offered victims fraudulent investment opportunities then diverted the money intended for the investments for his own benefit.
The indictment alleges that Seltzer obtained a total of $747,860 through eight fraudulent transactions and seeks forfeiture of that amount as the proceeds of the scheme.
Seltzer faces a maximum sentence of 20 years in prison on each of the nine counts of wire fraud. He was scheduled to have an initial appearance later Tuesday in U.S. District Court in Baltimore.
Tuesday, June 18 2013 9:37 PM EDT2013-06-19 01:37:33 GMT
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