CHICAGO -- An Illinois man who was arrested by federal agents on charges of planning to set off hand grenades in a shopping mall is being held without bond.

A press release from U.S. Department of Justice said that Derrick Shareef, 22, planned to set off several grenades in garbage cans at a shopping mall in Rockford, Ill., about 90 miles west of Chicago.

Federal prosecutors said Shareef faces several charges, including attempting to use a weapon of mass destruction, and attempting to damage or destroy a building. If he is convicted, he could face life in prison.

Authorities said the man was arrested Wednesday when he met with an undercover FBI agent in a parking lot to trade a set of stereo speakers for four grenades and a handgun.

Federal officials said that in September, Shareef became acquainted with an FBI cooperating witness and confided to him that he wanted to commit acts of "violent jihad" against civilians, as well as other crimes to obtain funds to further his goals.

The DOJ release said Shareef did not know that his acquaintance was cooperating with the FBI. The friend told Shareef he would introduce him to a friend who could obtain weapons. That friend was an FBI agent, the DOJ said.

An indictment was unsealed in federal court on Friday, alleging the plot on the Cherry Vale Shopping Mall. The mall has about 130 retail stores.

Authorities said in the indictment that the mall was not Shareef's only target. They said the mall was among several potential targets that Shareef discussed during the investigation, but that the others were primarily local government facilities.

The DOJ release said that Shareef mentioned courthouses, city hall, government places, and government facilities as potential targets.

"Once the threat Shareef posed was detected by the Joint Terrorism Task Force, his activities and movements were under constant surveillance and there was no imminent risk to the public," said Robert D. Grant, Special Agent-in-Charge of the Chicago Office of the FBI. "By using an undercover agent, confidential sources and physical surveillance, the JTTF was in position to continuously monitor Shareef's activities and was prepared to intervene before he could act."

Grant said that the case demonstrates the value of teamwork.

"While these are very serious charges, at no time was the public in any imminent peril," said Patrick J. Fitzgerald, U.S. attorney for the Northern District of Illinois.

They said that the charges show that Shareef was acting alone.

On the day that Shareef met with the undercover agent, they walked around the mall and discussed the layout and spots where he might set off several grenades simultaneously to create more pandemonium, according to the affidavit.

The affidavit said the friend who was cooperating with the FBI said that on the drive to the mall, he and Shareef discussed shaving their body hair and meditating to prepare for the attack. The FBI said the man and Shareef also timed how long it would take to walk from one point in the mall to other points.

The pair also recorded final videotaped statements, which are commonly made by people planning attacks on civilians as part of a jihad, the complaint alleged.

If convicted, each charge carries a maximum penalty of life in prison and a $250,000 fine.