A Queensbury, N.Y., insurance agent is accused of defrauding a couple by stealing money given to him for purchasing insurance policies.

Joseph A. Marvullo, 60, a self-employed, independent insurance agent, was recently arrested and charged with grand larceny, according to the New York Attorney General’s Office.

Marvullo met several times at the home of a Fort Ann, N.Y., couple, who wished to purchase life insurance, disability insurance and annuity life insurance policies, according to officials. The agent represented to the couple that he could sell them annuities as investments, yielding a higher interest rate.

Marvullo allegedly convinced the couple to invest $26,100 with him by writing checks made payable to him. He allegedly never purchased any annuities or returned the money to the couple when a refund was demanded.

New York Attorney General Andrew Cuomo said an investigation into Marvullo is ongoing and other possible victims should contact his office.

“This couple was wisely planning for their future, but instead of getting financial and emotional security they fell prey to an alleged scam,” Cuomo said in a statement.

The insurance agent faces a felony complaint charging him with one count of third-degree grand larceny, a charge that could result in seven years in jail, if convicted.