HOUSTON—A man from the Bronx, New York, has been indicted in Houston on charges of mail and wire fraud, announced U.S. Attorney Kenneth Magidson.

Christopher Donrick Daley, 32, was indicted in the Southern District of Texas on Sept. 22, 2015. He surrendered Oct. 30, 2015, in New York. He is expected to make his appearance in Houston federal court today at 2:00 p.m. before U.S. Magistrate Judge Nancy Johnson.

The indictment alleges that between June 2010 and November 2011, Daley falsely represented to investors that he operated a commodity pool which invested in oil futures contracts. According to the indictment, the pool would pay investors a return of at least 20% per month and never had a losing month. However, Daley allegedly paid returns to investors with money received from other investors. He used funds received from investors for his own benefit, according to the allegations.

The indictment also contains a notice of forfeiture and seeks forfeiture of $1,569,797, as alleged proceeds of the illegal scheme.

Each count of wire and mail fraud carries a maximum penalty of 20 years’ imprisonment and a fine of up to $250,000.

The charges are the result of an investigation conducted by the FBI. Assistant U.S. Attorney John Braddock is prosecuting the case.

An indictment is a formal accusation of criminal conduct, not evidence. A defendant is presumed innocent unless convicted through due process of law.