Feds have charged a North Carolina man with operating a $7 million Ponzi scheme that defrauded at least 75 investors and used the money he earned to make mortgage payments and pay for schools private for her children.

The U.S. Securities and Exchange Commission said in a press release that it filed an emergency action Thursday in U.S. District Court. The complaint accuses Charlotte’s Wynn Charlebois and his company, WC Private, of breaching anti-fraud provisions.

According to the SEC complaint, Charlebois has defrauded investors since 2019 by using multiple bogus investment opportunities. Most of the victims live in the Charlotte area, according to the news release.

More recently, through his company, Charlebois offered opportunities for investors to share profits made by participating in the exercise of bogus options contracts, the SEC said.

From May 2019 to last month, Charlebois directed nearly $122,000 in investor funds to a private university where one of his children attends school, the SEC said. He has donated more than $65,000 to a private high school where another of his children attends school and nearly $3,000 to a local social club. He’s also made more than $8,600 in personal mortgage payments since Dec. 31, according to the SEC.

Charlebois declined to comment to The Associated Press on Friday.