According to the indictment, Francis used offshore bank accounts to hide income made during those two years. He used a Cayman Islands corporation, which Francis controlled, to transfer more than $15 million of his secret money into his Irvine, Calif., account.
Francis faces up to 10 years in prison and fines of up to $500,000 if convicted.
He is scheduled to appear in Reno, Nev., court May 22.
The indictment follows Francis' Tuesday arrest in Panama City, Fla., where a judge had ordered him jailed until talks to settle a civil lawsuit are completed.