RACINE - Curtis Johnson, the former chairman of Diversey Inc., was charged Thursday in Racine County Circuit Court with sexual assault of a child.

The 55-year-old billionaire and son of the late Sam Johnson is accused of repeatedly sexually assaulting a 15-year-old girl. If convicted he faces up to 40 years imprisonment.

In court Thursday, Johnson, who is not in custody, was formally charged and given a $500,000 cash bond. He was ordered to have no contact with the victim and no contact with any minor female children unless in the presence of another adult.

Court Commissioner John Bjelajac also ordered Johnson to not leave the state and to surrender his passport.

According to the criminal complaint, Johnson had inappropriate sexual contact with the now 15-year-old girl as many as 15 to 20 times. The girl told authorities that the inappropriate behavior started when she was between 6th and 7th grade, and the last incident occurred in November of 2010, according to the complaint.