A former controller for Cold Spring Brewing Co. was indicted Thursday for allegedly stealing his sister-in-law’s identity in a scheme that bilked more than $350,000 from the brewery, and $330,000 from investors in a separate Ponzi scheme.

Adam Jonathan Martin, 35, of St. Cloud, was initially charged by “information” in April, indicating that he planned to plead guilty. That deal apparently fell apart, as he was indicted May 3 on four counts of wire fraud and three counts of money laundering. The indictment handed up Thursday supersedes that, adding two more wire fraud counts and one count of aggravated identity theft.

Martin pleaded not guilty to the May indictment.

According to government filings in the case, Martin started at Cold Spring as a financial analyst in 2007 and was controller of the brewery from November 2009 through November 2014. He set up a business brokerage account at E-trade in November 2011 under the name DCI Change, listing a sister-in-law as director and primary trader on the account. Investigators traced an unauthorized wire transfer of $243,627 from the brewery’s account to the E-trade account.

The government alleges that Martin used the brewery’s money for personal expenses, including a $106,000 down payment on a new home in Sartell, and $78,000 worth of personal expenses, including a vacation, furniture and clothing. The investigation, which was conducted by the FBI, also found that Martin had allegedly stolen $30,000 in cash from the brewery.

The indictment and other court filings also allege that Martin conned friends, relatives and acquaintances out of more than $330,000, claiming that he would use their money to conduct “day trading,” invest in individual retirement accounts or to provide a short-term bridge loan in a business purchase.

“In reality, Martin intended to and did use almost all of the invested funds for his personal use, to pay personal expenses and debts, and to make Ponzi-type payments to prior investors,” the indictment says.

Martin’s trial is scheduled for Aug. 29. His attorney, Thomas Plunkett, could not immediately be reached for comment.