A former FBI agent and his wife are accused of taking part in an alleged $1.3 million investment fraud scheme.

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Indicted were John Robert Graves, 52, and Sara Turberville Graves, 44, of Fredericksburg, Va. They are charged with one count of conspiracy to commit mail and wire fraud, one count of mail fraud and four counts of wire fraud.

John Graves was also charged with three counts of investment adviser act fraud and one count of making false statements. The couple appeared in U.S. District Court in Richmond Tuesday.

Authorities said John Graves founded Brook Point Management in 2003, a corporation through which he sold insurance, performed estate and tax planning services, among other services.

He and his wife are accused of trying to defraud 11 investors in central Virginia.