Claud Koerber, also known as Rick Koerber, faces charges of mail fraud, wire fraud and tax evasion.
He is alleged to have obtained the money through loans for Founders Capital, a subsidiary of his Provo-based real estate firm FranklinSquires.
According to the indictment, over $50 million was used to pay earlier investors to give the "false impression" that his businesses were profitable and their investments were secure, the Star-Tribune reports.
Mr Koerber is also accused of using investors' cash to fund personal interests, including investing $850,000 in restaurants, $1 million in luxury automobiles and $5 million in filmmaking.
On his official site, Mr Koerber describes himself as a "capitalist, Mormon [and] dad".
He started the daily Free Capitalist talk radio show in 2005.