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DES MOINES, IOWA -- John Francis Holstinger, 52, of Ottumwa, Iowa, has been arrested and indicted on charges of securities fraud, wire fraud, and money laundering in connection with an alleged fraudulent investment scheme, announced United States Attorney Nicholas A. Klinefeldt.

Holtsinger allegedly solicited investments from individuals around the State of Iowa. Holstinger said that he would use the funds to make investments, but actually used most of the money to pay living expenses, take trips, access online “dating” websites among other personal reasons, according to the press release. He allegedly received $493,000 from investors between December 2009 and February 2011. Holstinger used more than $335,000 of those funds for purposes other than investments.

He is charged with fourteen counts of wire fraud, 2 counts of securities fraud, and 1 count each of money laundering, selling unregistered securities, working as an unregistered broker-dealer of securities, and working as an unregistered investment advisor. Each of the charges, except money laundering, is punishable by up twenty years of imprisonment. Money laundering carries a maximum sentence of ten years.