VERNON HILLS, Ill. — A Vernon Hills man has been charged with multiple felonies after allegedly stealing over $500,000 from clients through phony investments.

Ricky Dugo, 54, is alleged to have convinced victims to give him money for investments that didn’t really exist.

Prosecutors said Dugo would then return to the victims for additional money, stringing them along after the initial investments were given to him. He’s been charged with two Class 1 felony counts, being unauthorized theft of between $500,000 and $1 million dollars and theft by deception of between $500,000 and $1 million.

He also faces two more theft counts, both Class 2 felonies, and two counts of conspiracy to commit financial crimes.

Dugo’s wife also faces a charge in connection with the case. Shannon Dugo, 39, is charged with one count of perjury, a Class 3 felony, for allegedly lying to a Lake County Grand Jury about the case.

“Each of the victims in this case fell prey to a long con. These scams had significant negative impacts on their lives,” Assistant State’s Attorney Kevin Berrill said. “Our goal in this case is to seek justice for victims who were truly hurt by these schemes.”