MINNEAPOLIS — The founder of a Burnsville company that made indoor air testing equipment is accused of defrauding investors of more than $2.5 million.

A federal grand jury indicted 59-year-old Bryan Reichel. The indictment accuses Reichel of lying to two investors about the company’s prospects, inducing them to invest $3.4 million from 2007 to 2009, and then using most of the money to pay off other investors, purchase stock in other companies or pay off his personal credit card debt.

Reichel was founder and CEO of PureChoice. The Better Business Bureau says PureChoice is out of business.

Reichel faces seven counts of wire fraud. He’s due to appear on the charges Oct. 1.

Reichel’s attorney, Charles Hawkins, said his client denies any wrongdoing.

PureChoice, founded in 1992, sold air quality monitors for commercial buildings.