Follow CBSMIAMI.COM: Facebook | Twitter

MIAMI (CBSMiami) — Authorities arrested four people in connection to a $1.2 million retirement fund scheme which allegedly targeted senior citizens.

READ MORE: 2 Doral Police Officers Injured In Shooting Near Miami-Dade Police Headquarters; Suspect Killed ID'd By Police

Allen Franks, 73; Colin A. Smith, 37; Danny M. Reynolds, Jr., 43; and Cheryl Ann Woods, 37, were arrested in connection to the scheme.

The group allegedly ran several shell companies to broker the buying and selling of precious metals as an investment option. But officials said in reality, less than one percent of the victims’ money was being used for those types of investments.

The majority of their alleged victims are senior citizens. Authorities said the group assured them the investments would turn a quick profit.

The victims in this case used their life-savings to participate in an alleged ‘investment opportunity’ only to be left empty-handed, and my Office of Statewide Prosecution will aggressively prosecute the defendants in this case and seek restitution for harmed consumers,” said Attorney General Pam Bondi.

“These thieves targeted our seniors and stole not only their money but the security of their retirement years,” said Florida Department of Law Enforcement Commissioner Gerald Bailey.

READ MORE: Shot Doral Police Officer In Serious But Stable Condition, Second Officer Recovering

They also allegedly incorporated the company names and opened more than 30 bank accounts in which the victims would send their checks or wired money to.

The company shell names include: Bowman & Poole, Inc.; Cavallo Consulting Group, Inc.; DMR & BMR Corp.; DRBR Financial, Inc.; JD&A Investment Services, Inc.; JDC United Metals, Corp.; Project Insider Development Investments, LLC; and Project Insider, Inc.

While four have been arrested, two people who where also allegedly involved are still at large. Investigatoris are searching for John A. Cavallo, Jr., 39, of Palm Beach County  and Robert S. Leier, 59, of St. Paul, Minnesota.

All of them are facing charges in a racketeering information for grand theft, fraudulent securities transactions, money laundering and unlicensed telemarketing.

If convicted, they face possible prison time, fines and restitution.

Investigators are possibly searching for more victims in the case. Anyone who believes they are a victim of the scheme should contact Florida Department of Law Enforcement at 305-470-5500.

MORE NEWS: South Florida PBA Union President Steadman Stahl On Stress Of Being A Police Officer

[display-posts category=”local” wrapper=”ul” posts_per_page=”5″]