A Texas insurance agent has been charged with defrauding elderly clients out of $4.6 million of their retirement money by getting them to invest in his business, the Securities and Exchange Commission announced Wednesday.

The agent, Bobby M. Collins of Wichita Falls, Texas, has agreed to pay $733,000 in disgorgement and civil penalties to settle the charges.

Collins convinced at least 36 investors to buy high-yield, unsecured notes through his unincorporated retirement planning business BMC Retirement Planning. He supposedly was going to use the money to invest in his business and told clients he would pay them significant returns from his revenue growth, the SEC says in the complaint filed in the U.S. District Court in the Northern District of Texas.

Instead, he used the money for mortgage and luxury car payments, and to make principal and interest payments to earlier investors, the SEC says.