NORFOLK, Va. (WVEC) -- The former owner of Virginia Beach investment company is accused of a fraud scheme that led to losses of at least $20 million.

47-year-old Daryl Gene Bank and 45-year-old Reann Gibson are each charged with conspiracy to commit mail and wire fraud, mail and wire fraud, and engaging in unlawful monetary transaction.

Both currently live in Florida, but were previously residents of Virginia Beach.

Bank created, owned and operated Dominion Investment Group, LLC, while Gibson ran day-to-day operations of the company. Bank also created, owned, and operated Dominion Private Client Group, LLC, which Gibson also worked for.

According to their indictment, Bank and Gibson operated several investment fraud schemes from approximately January 2012 through July 2017. They allegedly prepared false and misleading investment offerings, and omitted information and made material misrepresentations to at least 300 investors, causing the victims to lose at least a combined $20 million.

The indictment states many of the investors targeted by the pair were retirees with limited income.

The Securities and Exchange Commission filed a civil complaint against Bank and entities he controlled in 2015, accusing him of running a multi-million dollar scheme to defraud investors. Also in 2015, the Virginia State Corporation Commission filed a civil enforcement action against both Bank and Gibson to enjoin them from the fraudulent sale of unregistered securities.

If convicted, Bank could face up to 260 years in prison, while Gibson faces a maximum penalty of 240 years if convicted.

If you believe you may be a victim in this case, please call the FBI’s Norfolk Field Office at: 757-609-2514.

Bank and Gibson Indictment by 13News Now on Scribd