A federal grand jury returned a 28-count indictment Wednesday against Kailua resident Dan Doyle for an investment fraud scheme marketed primarily on AM radio financial shows airing in California, according to the U.S. Department of Justice.

Doyle, 54, was indicted on 27 counts of wire fraud and one count of mail fraud relating to real estate projects designed to rebuild affected areas of Mississippi following the destruction left by Hurricane Katrina.

According to court documents, Doyle owned and operated a business in Kailua using names including Investment Real Estate Network and Investment Radio Network.

From late 2007 through December 2009, he allegedly purchased air-time on California talk radio stations to broadcast "radio infomercials" that he hosted and produced touting the benefits of Mississippi "Gulf Opportunity Zone," also known as "GO Zone," real estate investments.

Listeners to the programs were encouraged to call Doyle's office in Kailua for investment information.

When potential investors called the office, they were allegedly encouraged to wire transfer a refundable deposit to Doyle's bank account in Hawaii.

17 individuals wire transferred or mailed more than $890,000 to Doyle in Hawaii as deposits for "GO Zone" investments that were never built.

Instead of preserving the money for potential refunding, Doyle spent investor money on unrelated person and business obligations including mortgage payments on his Kailua home and yachting expenses, according to the indictment.

For each of the wire and mail fraud counts, Doyle faces a maximum of 20 years in prison and possible fines of up to $250,000 as well as terms of supervised release of up to three years.