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Posted at 12:35 PM ET, 10/12/2011

Former FBI agent and wife are indicted in alleged investment scam

A former FBI agent and his wife have been charged in what authorities say is a $1.3 million investment fraud scheme.

John R. Graves, 52, and his wife, Sara T. Graves, 44, of Fredericksburg, were indicted by a federal grand jury in Richmond on charges of mail and wire fraud. Prosecutors say Graves, who left the FBI in 1999, is a certified investment planner.

Through his company, Brook Point Management, Graves sold insurance, performed estate and tax planning services and recruited investment clients.

Prosecutors say that during a three-year span ending in July, Graves and his wife raised $1.3 million in funds from 11 people through “misrepresentations about the safety and security of the investments.” The couple then used the money to buy real estate, pay back previous investors and to pay off personal expenses, including credit card bills, prosecutors said.

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By  |  12:35 PM ET, 10/12/2011

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