INDIANAPOLIS (WOWO): A Carmel financial advisor that bilked people out of their retirement money is facing a federal indictment.

40-year-old James C. Lopez is facing 66 counts in the case including wire fraud, money laundering, and securities fraud. He is accused of convincing investors to direct their funds into his control on the promise that he would re-invest that money elsewhere, but instead investigators say he spent it on himself.

Lopes had several different company names including JCL Interest Plus, JCL Capital INC, and JCL direct funds. Lopez faces up to 20 years on each count of wire fraud and securities fraud and 10 years for money laundering.

An exact dollar amount isn‘t known but court documents say he defrauded hundreds of thousands of dollars. and used them to buy new cars, make mortgage payments, and do home landscaping.