SEATTLE, WASHINGTON (BNO NEWS) – A Washington broker was charged with mail fraud after allegedly stealing from several investors, prosecutors said Wednesday.

Rhonda L. Beard, 47, a former Kirkland, Washington investment advisor, allegedly defrauded dozens of clients out of millions of dollars, telling the investors that the money would be placed in a variety of financial and insurance products.

Beard accepted the money from at least 20 investors, but she used the money for her own expenses, and mailed fake statements to these customers.

Some of the victims had invested with Beard for over 20 years, as many had met her after hearing her speak in investment classes at locations such as community colleges.

In February 2010, an auditor with ING Financial Partners made an unannounced visit to Beard’s office, who had worked as an independent contractor for ING since 2004. After requesting to examine a locked file cabinet, which supposedly contained her personal tax information, the auditor found a number of client files that revealed Beard had not made investments with client money.

A preliminary investigation by the Washington State Department of Financial Institutions indicates that as many as 25 investors could be out more than $8 million.

“Investigators are still determining the extent of the fraud,” said U.S. Attorney Jenny A. Durkan. “We are aggressively trying to learn information about her clients and assets, and we want any assets preserved for victims in this case. We will ask the court to impose a condition that Ms. Breard not dispose of any assets while the investigation into the full scope of the fraud continues.”

If convicted of mail fraud, Beard may be facing up to 20 years in prison and a $1 million fine.