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St. Louis-area man accused of bilking investors

ST. LOUIS (AP) -- A suburban St. Louis man is facing federal charges that he stole $500,000 in investors' money and spent much of it on personal and business expenses.

Grand jurors returned an indictment Wednesday accusing 47-year-old Michael Kitchen of St. Peters with three counts of wire fraud and two counts of money laundering.

The indictment alleges that in 2008 and 2009, Kitchen offered investments that promised investors little or no risk, a history of success and returns of up to 1,000 percent.

But the indictment claims that Kitchen spent the money.

Online court records do not show whether Kitchen has an attorney. He does not have a listed home telephone number.