A Silverthorne man is facing a federal fraud charge after, investigators state, he stole millions from unsuspecting investors and used the money to buy luxury items including sports cars and a Rolex watch.

Evan M. Flaxman, 35, is facing one count of mail fraud, a felony punishable by up to 20 years in prison and $250,000 in fines, according to a report filed with the U.S. Attorney’s Office.

Flaxman’s attorney, Sean Connelly, declined to comment on the case.

The report alleges Flaxman duped multiple victims into “investing” hundreds of thousands of dollars with him by lying about his background and investing experience.

While reporting gains on the investments that didn’t actually exist back to the victims, Flaxman was allegedly using the money to buy himself Ferraris, a Porsche racing car, a front-end loader, a Rolex watch, other luxury vehicles and to pay his own taxes, the report states.

Flaxman’s residence in Silverthorne is also listed among $5.9 million in assets listed to be forfeit, which include investment accounts and a number of cars.

At the time of the report, June 14, Flaxman was not in custody. It is unclear whether he has been arrested since then.

The Minneapolis Star Tribune reported Flaxman ultimately stole an alleged total of $7.5 million through investment scams from a Minneapolis radiologist and the son of one of his colleagues.

Flaxman reportedly pretended to be a commodities trader, multi-millionaire and partner in a Swiss hedge fund to lure the victims into trusting him with their cash.

He met his victims in Colorado, according to the Star Tribune. Flaxman reportedly befriended his neighbor, Dr. Stephen E. Barron, an orthopedic surgeon and his 32-year-old son Eric before convincing the son to give him $500,000 from a life insurance payout following the death of his brother in 2008, according to the Star Tribune.

The second victim, radiologist Dr. William J. Ford III, allegedly met Flaxman on a trip to Colorado in 2008.

The Star Tribune reports that the scams began to unravel following around the time of Flaxman’s marriage in Summit County last year. He claimed an association with a former KGB agent named Vladimir, whom he said was both very rich and very dangerous. His victims became suspicious, according to the report, and began trying to pull their money out.