A Richmond, Va., insurance agent recently accused by state regulators of illegally violating securities laws owes millions of dollars to both investors and banks.

Julius Everett Johnson sold nearly $14 million in securities from several firms over the last 10 years, but repaid only $2.8 million before the Virginia State Corporation Commission’s Division of Securities and Retail Franchising stopped him last year, according to the Richmond Times-Dispatch.

Citing a copy of a financial statement prepared for Johnson’s investors, his business’ assets were listed as $4.5 million, according to the newspaper. Johnson’s various businesses also owed $1.3 million to secured lenders in addition to the $11.2 million owed to investors.

In November 2009, Johnson, Walter Ray Reinhardt and their 12 companies were ordered to stop selling securities by the SCC and earlier this month, the agency accused all parties of illegal securities sales.

Both men, and their companies, are accused of making several material misrepresentations and material omissions, including about personal net worth in regards to personal guarantees made on promissory notes.

Johnson did not respond to the Times-Dispatch’s request for comment.