A Walkersville man is accused in U.S. District Court of being involved in a $9.2 million investment scheme in which he allegedly used $1.046 million in investment monies to pay for personal items including car payments, clothing, electronics, furniture, fitness equipment and rent on the family home, according to a press release Friday from the U.S. Department of Justice.

The indictment against Larry Michael Parrish, 48, was returned by a federal grand jury on Wednesday and unsealed Friday when the defendant was arrested, according to the release.

The 25-count indictment said that Parrish was president of IV Capital, Ltd., “which he represented to be an investment and trading company. From November 2005 to December 2009, Parrish devised a scheme to obtain approximately $9.2 million from nearly 70 individuals who agreed to invest in IV Capital.”

Investors allegedly were told that IV Capital “traded on international exchanges; had $20 million or more under management” and “employed a number of other traders and staff, when in fact, the company had no employees aside from Parrish,” according to the indictment.

The indictment further alleges that “out of the approximately $9.2 million in funds that were invested ... between February 2006 and October 2009, Parrish and another individual caused approximately $2.938 million to be lost in trading or consumed by expenses.”

Parrish faces a maximum sentence of 20 years in prison on each of the 23 counts for wire fraud and 10 years on each of two counts for engaging in monetary transactions involving more than $10,000 in criminally derived property, according to the press release.

No information was available Friday on who is representing Parrish in the matter.