New York, Mar 25: US Technologies CEO C. Gregory Earls was charged with misusing $15 million entrusted to him by investors allegedly funneling some of the money into a trust fund for his children. A Federal grand jury on Monday handed up a 22-count indictment charging Earls, 58, with multiple counts of securities, mail and wire fraud.

The indictment says Earls controlled an investment company called USV Partners, claiming he would use investors' money to buy shares of US Technologies but instead used it for the trust fund and to repay investors from other business ventures.
It also says Earls stole $1.3 million from investors, claiming he would finance an Internet company but pocketing the money for himself.
The new indictment encompasses allegations first made by federal prosecutors in December, but adds new charges related to the alleged Internet scheme. Bureau Report