Sacramento Man Pleads Guilty to Investment, Mail Fraud

By Katie Hauser

Published on October 18, 2006

Egan led investors to believe their money was going toward private annuities through Philanthropic Charities Inc. He claimed that the investors faced absolutely no risk.

Instead of purchasing annuities, Egan filtered the money back to his own bank accounts and those of his co-conspirators, working through numerous Bahamas bank accounts. He then sent investors false statements assuring them that their money was earning high returns.

Egan pled guilty to one count of mail fraud and one count of filing a false income tax return in federal court.