Rep. Michael Grimm (R-N.Y.) was formerly indicted on 20 criminal charges, after surrendering to the FBI Monday morning.
"Michael Grimm made the choice to go from upholding the law to breaking it," U.S. Attorney Loretta Lynch said at a press conference.
The Republican congressman, a former FBI agent and U.S. Marine, is charged with several counts, including mail fraud, wire fraud and tax fraud related to a Manhattan restaurant he owned and operated.
Federal prosecutors allege he evaded the IRS and made more than $1 million vanish.
Grimm's attorney said Friday that he was "disappointed by the government's decision" to press charges, but "hardly surprised."
"From the beginning, the government has pursued a politically driven vendetta against Congressman Grimm and not an independent search for the truth," he added in a statement.
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