Five investment advisors are facing charges from the SEC that they defrauded investors in a $102 million nationwide Ponzi scheme, according to a press release from the regulator.

Perry Santillo, of Rochester, N.Y., Christopher Parris, also of Rochester, Paul LaRocco, of Ocala, Fla., John Piccarreto, of San Antonio, and Thomas Brenner, of Orville, Ohio, allegedly swindled more than 600 investors by peddling securities in First Nationle Solution LLC, United RL Capital Services and Percipience Global Corp., which they controlled, according to the SEC’s complaint.

The advisors allegedly guaranteed double-digit returns and dividends to some investors and told all investors the money would be invested in the three firms, the regulator says. Instead the advisors allegedly took $20 million for themselves, paid out $38.5 million in Ponzi-like payments and moved the rest of the money “in transactions that appear unrelated to the issuers’ purported businesses,” according to the SEC’s complaint filed in federal district court in Manhattan.

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The five advisors and the three issuers are facing charges of violating federal antifraud rules, according to the regulator. The court granted the SEC’s request for a temporary restraining order and an asset freeze, the regulator says. In eight days, the court will hold a hearing on a preliminary injunction and on the asset freeze, according to the SEC.