Ronald Cedric Touchard and Misty Denise Touchard were charged Wednesday with multiple felonies after authorities alleged they committed $5.9 million in real estate fraud, according to the Los Angeles Times.

Prosecutors believe the Newport Beach couple stole the money to purchase a luxury car and invest in a winery, according the article.

From the article:

Prosecutors allege Ronald Touchard took over the titles of three Newport Beach residences that he did not own between June and July 2016 by submitting paperwork to Delaware indicating he was the sole officer of Capital Win Corp. and Gainquick LLC, investment companies based in Laguna Beach.

Ronald Touchard convinced "hard money" lenders that, as president of Capital Win and Gainquick, he held the deed of trust for each residence and pulled $5.9 million in equity out of the properties, prosecutors allege.

Prosecutors said the couple used the funds to make several large purchases and moved the money among various bank accounts "in a pattern consistent with money laundering.

Orange County Superior Court Records say Ronald faces 54 counts of money laundering, three counts of grand theft and three counts of recording a false or forged instrument. Misty is charged with 13 counts of money laundering and three counts of grand theft, but both could have other possible sentencing enhancements, according to the article. 

The LA Times says If convicted, Ronald Touchard could spend a maximum of 55 years and four months behind bars and Misty Touchard could face 24 years and eight months, according to court records.