A Charlotte-based jeweler was indicted on fraud charges on a connection with a $3.5 million investment scheme, according to a press release from the Department of Justice.

Benjamin Abraham has been indicted on 18 counts by a federal grand jury and faces one count of wire fraud and multiple counts of concealment money laundering and transactional money laundering.

Abraham allegedly executed a financial fraud scheme of $3.5 million from the time of at least December 2012 in which he induced investors to invest in the various businesses he operated that specialized in the retail and wholesale of diamonds, precious metals, and jewelry while using the funds to supplement his lifestyle, businesses, pay pre-existing debts, and for the payment for other investors.

The financial scheme resulted in a loss of more than $2 million from the seven investors who invested over $3.5 million.

Throughout the alleged investment scheme, Abraham made fraudulent representations to investors about the use of investments, his past success and profits made from investments, and the security, rate of return, and duration of the investments, according to the indictment.

The indictment against Abraham states that in early 2016, numerous banks refused to authorize bank accounts with the signatory authority of Abraham, at which time he began to use accounts not associated with his name.

The maximum prison term is 20 years and a $250,000 fine for a wire fraud count, 20 years and a $500,000 or twice the value of property involved in the transaction for the concealment money laundering charge, and 10 years and a $250,000 fine for the money laundering charge.