A former Chicago area real estate investment partner was indicted on federal charges alleging that he fraudulently obtained more than $10 million from more than 50 investors, the U.S. Attorney for the Northern District of Illinois announced Friday.

Matthew Stoen, founder of Stone Rose LP, misused the funds he obtained from investors, most of whom lived in the Chicago area, as well as funds from lenders, the U.S. attorney says. Stoen acted as managing general partner of Stone Rose.

Stoen, 35, now of Wayzata, Minn., and formerly of Chicago, was charged with four counts of mail fraud and two counts of wire fraud in an indictment. The indictment seeks forfeiture of more than $10 million in alleged fraud proceeds.

Stoen falsely represented to investors and lenders that he was the beneficiary of a trust fund. He allegedly carried out a financing scheme by fraudulently raising millions of dollars through the offer and sale of limited partnership interests and through loans, the indictment says.

Stoen allegedly represented to investors and lenders that funds invested in Stone Rose would be used for real estate investment projects in the Kansas City area, as well as for certain Stone Rose fees and expenses, knowing that he intended to misappropriate a portion of the funds for his own use, the U.S. Attorney for the Northern District of Illinois says.