A federal grand jury in Seattle on Thursday indicted Darren Berg on 12 counts of wire fraud, money laundering and bankruptcy fraud in connection with the demise of his Meridian Group of investment funds.

A federal grand jury in Seattle on Thursday indicted Darren Berg on 12 counts of wire fraud, money laundering and bankruptcy fraud in connection with the demise of his Meridian Group of investment funds.

According to the indictment, investigators are just still uncovering the magnitude of the alleged Ponzi scheme. Prosecutors believe Berg took in more than $280 million, with the losses attributed to the ponzi scheme estimated to be approximately $100 million. Hundreds of victims have lost money in the scheme between 2001 and 2010.

Berg has filed for Chapter 11 bankruptcy; nine Meridian mortgage funds are in a separate bankruptcy.

Berg, 48, of Mercer Island, was arrested on Oct. 21. He will be arraigned Friday in U.S. District Court.