- Associated Press - Wednesday, October 8, 2014

RICHMOND, Va. (AP) - A Fredericksburg man is charged with misappropriating millions of dollars from investors in a proposed office park.

An eight-count federal grand jury indictment made public Wednesday charges 42-year-old James Ashby Moncure with wire fraud, mail fraud and illegal monetary transactions. The U.S. attorney’s office says Moncure faces up to 140 years in prison and a fine of $2 million if convicted. No court date has been set.

According to the indictment, Moncure was part owner of a company that partnered with The Silver Companies to develop the Quantico Corporate Center adjacent to the Marine Corps base in Stafford County. The indictment says Moncure spent most of more than $9 million in investors’ money on unauthorized purposes, including day-trading of stocks.

His attorney, federal public defender Rob Wagner, declined to comment.

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