Fresno man could face 10-20 years for wire fraud, money laundering, says prosecutors

FRESNO, Calif. (FOX26) — Federal prosecutors say one Fresno man took out COVID-19 loans and accepted millions of dollars from investors.

Instead, they say he used the money for personal expenses like home, luxury cars, gambling, and other things.

Now, that man is facing federal charges.

60-year-old Royce Newcomb has been charged with five counts of wire fraud and one count of money laundering for running Ponzi, COVID-19 relief, and other schemes.

Prosecutors say he used the media attention he got for his inventions back in 2018 to secure investors and lied about receiving a grant from the National Science Foundation.

And now they say he lied again when applying for the COVID funds.

If convicted, Newcomb faces 10-20 years in prison and fines totaling $1.5 million.