A federal grand jury has indicted a former Summerville financial adviser on 28 counts of wire fraud and other alleged crimes, saying he spent more $686,000 from investment clients on personal and business expenses.

Timothy David Mays, 48, also is charged with mail fraud, as well as filing false tax returns and failing to file tax returns for several years, according to a document filed with U.S. District Court in Charleston today.

Mays was CEO of MaysGroup Financial and Life Trust Financial LLC, both based in Summerville.

Prosecutors said the alleged fraud took place between November 2008 and June 2011 and affected 17 clients.

The maximum prison sentence for each count of wire fraud and mail fraud is 20 years. The maximum sentence for the count of willfully filing a false income tax return is three years. The maximum sentence for each count of willfully failing to file an income tax return is one year.

The case was investigated by agents of the Federal Bureau of Investigation and the Internal Revenue Service. It is being prosecuted by assistant U.S. Attorney Dean H. Secor.

See upcoming editions of The Post and Courier for more details.

Reach John McDermott art 937-5572.