UPDATE: According to Holliston Police Department log from Monday, local police assisted the DEA and State Police in arresting Sakkos at his home on Fiske St. at 6:04 a.m. He was then transported to Boston. 

A local man faces numerous federal charges in connection with allegedly defrauding his physician and others out of "millions of dollars," the U.S. Attorney for Massachusetts announced Monday. 

James S. Sakkos, 45, allegedly lied to his doctor, the doctor's sister and other investors in order to get them to continue to provide financial backing to what he said was a successful software venture that in fact had little to no actual operations, US Attorney Carmen M. Ortiz said in a news release. 

Sakkos has been indicted on six counts of wire fraud, 12 counts of monetary transactions with proceeds of illegal activity, 25 counts of obtaining controlled substances by fraud and one count of lying to a federal investigator. 

If convicted, he faces up to 30 years in prison followed by five years of supervised release as well as $250,000 in fines on the wire fraud charge; up to 10 years in prison on the money laundering charges; four years in prison on the prescription forgery charge and five years on the charge that he made false statements to investigators. 

Attempts to contact Sakkos, whose address is listed as 80 Fiske St., were not successful. A company registered to his name and using the same address, DSS Financial, does not have a Web site. The phone number for the company is no longer in service. 

The indictment alleges that between 2003 and 2011, Sakkos told his physican--not named by authorities--and the physician’s sister that his software company was making "substantial sales to major U.S. corporations." To back up his claims, he presented a forged letter purportedly from a major investment banking firm inquiring about a possible IPO of the firm's stock and at another time claimed that IBM was interested in buying the company.

"According to the indictment, the software company had minimal, if any, legitimate operations," Ortiz said. "Instead of using investors’ money for business purposes, Sakkos allegedly diverted virtually all of the investors’ funds to his own personal use, including living expenses, the purchase of a second home in Florida and purchases of luxury automobiles, including vehicles by Ferrari, Land Rover, BMW, Audi and Mercedes Benz." 

The indictment also charges that Sakkos passed hundreds of forged prescriptions for controlled substances including Oxycodone, Meperidine/Demerol, Morphine Sulfate and Oxycodone/APAP.

Ortiz announced the indictment along with William Offord, Special Agent in Charge of the Internal Revenue Service’s Criminal Investigation in Boston; Steven Derr, Special Agent in Charge of the Drug Enforcement Administration in Boston; and Massachusetts State Police Colonel Marian McGovern. 

The Holliston Police Department also provided assistance in the investigation. 

According to published reports, Sakkos was arrested in 2010 by police in Newton for driving under the influence of drugs. That arrest came after he allegedly drove his Ferrari into a parked vehicle trailer.  Sakkos was also arrested in 2008 at his home on outstanding warrants for traffic violations.