An Illinois investment advisor has been indicted for fraud for buying more than $400 million in securities and assigning the profitable ones to himself and the losing ones to his clients, the Securities and Exchange Commission announced Wednesday.

A federal grand jury in Chicago indicted Charles J. Dushek of Warrenville, Ill., for nine counts of security fraud and one count of employing a scheme to defraud a client.

Dushek, the president of Capital Management Associates Inc., based in Lisle, Ill., allegedly made more than 16,000 purchases of publicly traded securities valued at more than $400 million without designating in advance whether he was trading personal funds or client funds, the indictment says.

He then allegedly waited up to five days to allocate the trades so that he could select the profitable ones for his personal accounts and assign the losing ones to the accounts of unsuspecting clients. From July 2008 to August 2012, Dushek allegedly withdrew from his personal accounts more than $1 million in gains realized from the scheme, the SEC says.

The SEC already has barred Dushek from the financial industry. It also obtained a court decision ordering him to pay $1.9 million in disgorgement and interest and a $150,000 civil penalty.