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A 13-count federal indictment filed in court Thursday charges James W. Millegan, 62, a former Oregon securities broker, with investment account churning and tax evasion.

Millegan of McMinnville owned and operated J.W. Millegan Inc., an investment advisory business that served clients in the Portland and Salem metropolitan areas.

From March 2010 through May 2017, Millegan is accused of having bought and sold securities for clients investment accounts to generate commissions for himself. He generated more than $2.5 million in trading commissions while he cost 12 investors more than $4.3 million in unrealized investment gains, according to prosecutors.

Millegan also is accused of not paying more than $3.3 million in taxes between July 2006 and September 2016. He allegedly transferred funds to hidden bank accounts to conceal his multimillion dollars in commissions.

Millegan has not yet appeared in federal court.

The charges come more than two years after federal authorities executed a search warrant and raided Millegans home at gunpoint and took his client files, according to his lawyer. Millegan is set to make his first appearance in U.S. District Court in Portland on Dec. 6.

Mr. Millegan will appear in court as required and looks forward to clearing his name,'' said his lawyer, Oregon Federal Defender Lisa Hay. "In litigation that has already occurred, weve successfully addressed government over-reaching, failure to return property, and apparent violation of the Fourth Amendment. We look forward to continuing to protect Mr. Millegans constitutional rights and to vigorously challenging the governments allegations.

The litigation surrounding his lawyers challenge of the search warrant and seizure of Millegans files remains sealed.

-- Maxine Bernstein

Email at mbernstein@oregonian.com

Follow on Twitter @maxoregonian http://twitter.com/maxoregonian

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Former Oregon securities broker charged with investment fraud, tax evasion - OregonLive