A 73-year-old former investment advisor representative has been barred from the financial industry for illegally raising more than $13 million from investors in a real estate scam, the SEC announced Wednesday.

James R. Glover of White Hall, Md., was a registered representative from 1998 until he retired in 2012 of Signator Investors Inc., a broker-dealer and investment advisor registered with the SEC.

While employed at the Signator Towson, Md., office, Glover illegally raised $13.5 million from 125 people to invest in Colonial Tidewater Realty Income Partners LLC. Glover was a managing member of Colonial Tidewater, which he told investors was a Signator sanctioned investment, which it was not, the SEC says.

Using false and misleading statements about the risks and returns of investing in Colonial Tidewater, he sold investors partnership interests in the company. He also did not tell investors of his personal involvement with Colonial Tidewater, the SEC says.

Glover misappropriated approximately $840,000 from the investment money, the complaint says.

Glover neither admitted nor denied guilt. The SEC has not sought disgorgement of the funds as yet.