A Waco, Texas, financial advisor and attorney has been charged with defrauding clients out of approximately $8 million in a Ponzi scheme that also benefited him, according to the U.S. Attorney for Western Texas and the FBI.

The complaint charges Charles D. Jones with taking money from several large estates that he was supposed to manage. In one case he was supposed to set up three trust funds for the heirs of the estate and did not do so, according to the charges.

Instead he used the money for himself, including investing in businesses he owned or controlled, the complaint says.

Jones, who founded Charles D. Jones Capital Management Inc., is free on $25,000 bail and is scheduled to appear in court in Waco on Feb. 19 for arraignment, the  FBI says.