CHICAGO (CBS) — The owner of a Wyoming investment company with an office in Chicago has been indicted for allegedly defrauding a retired teacher of nearly $1 million.

Tyris D. Maxey, 43, was charged with six counts of wire fraud in an indictment returned by a federal grand jury on Thursday, according to a statement from the U.S. attorney’s office. The indictment was unsealed after Maxey’s arrest on Monday morning.

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Maxey is the owner of Wyoming-based investment company RB Mister Enterprises LLC, which has an office in Chicago, prosecutors said. He is accused of persuading a retired teacher to give him approximately $950,000, purportedly for investments, between January 2010 and November 2013.

He told the victim that RB Mister Enterprises was a successful firm that invested in various sectors including medical marijuana, construction, oil, real estate, sugar and concerts, prosecutors said. In reality, Maxey took the victim’s money and spent nearly all of it on personal expenses.

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He made some real investments with the money, which sustained “heavy losses,” according to prosecutors. He then returned some of the money to the victim, fraudulently describing it as a return on the investment. He also provided the victim and the victim’s accountant with fake account statements that he claimed were related to investments.

Maxey, who lives in Chicago, was arraigned on Monday afternoon before U.S. Magistrate Judge Sidney I. Schenkier and pleaded not guilty to the charges, the U.S. attorney’s office said. He was released on a $10,000 appearance bond and a status hearing was set for Sept. 12.

Each count of wire fraud is punishable by up to 20 years in prison, prosecutors said.

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