Four employees of a now defunct non-profit company are facing time in prison after they allegedly enticed elderly people into trading in valuable insurance annuities for what prosecutors say are worthless “charitable gift” annuities.

Richard and Susan Olive, owners of Franklin, Tenn.-based National Foundation of America (NFOA), Breanna McIntyre, an employee, and Kenny M. Marks, an officer with the company, were indicted, according to the Tennessee Attorney General’s Office and Williamson County District Attorney’s Office.

Authorities say the actions of the four involved millions of dollars allegedly stolen from people in more than a dozen states.

All four are charged with one count each of theft over $10,000 and nine counts of theft over $60,000. Each could face up to 12 years in prison and possible fines of up to $25,000 for each count.

The assets of NFOA have already been seized and placed into receivership. The company has been involved in a separate civil receivership case since May 2007.

From January 2006 to the state’s seizure of the company in May 2007, it is alleged that NFOA solicited, misled and coerced elderly consumers in Tennessee and other states into surrendering legitimate income tax deferred annuities, securities, real estate and cash to NFOA. In exchange, they received the company’s “installment plan,” promising a “generous tax deduction,” but actually gave the Olives control of an estimated $31 million in assets, officials said.

The insurance division of the Tennessee Department of Commerce and Insurance began looking into the matter when insurance agents notices a number of people surrendering their annuities to buy into the installment plans. Working with the attorney general’s office, the two agencies investigated complaints against NFOA dating back to 2007.

Officials soon learned that the defendants allegedly used the money from investors for personal expenses, luxury items, elaborate vacations and to pay off debt.

The Tennessee Department of Commerce and Insurance was able to work with banks and insurance producers in returning nearly 78% of lost funds, or $15.4 million, to Tennessee victims, authorities said.

“We are gratified to have these defendants in custody considering the very serious nature of the alleged crimes,” Tennessee Attorney General Bob Cooper said in a statement. “Our hearts go out to the victims of this case, many of whom have lost life savings while doing what they thought was best for themselves and their families.”