AMARILLO, TEXAS -- A financial firm in Amarillo is the target of an investigation by the Texas State Securities Board.

Thursday morning police searched Langford and Associates - looking for any type of business documents that show how John Langford allegedly scammed at least 100 people out what could be as much as $1 million dollars.

Langford was arrested Thursday morning on on five felony charges, for being an unregistered dealer of securities and selling unregistered annuities. As of Thursday evening, he was in Potter County Jail, his bond set at $2.5 million dollars for all of the charges.

In complaint reports that Pro News 7 obtained from the court house, we found that he promised a high rate of return to his investors and then paid his older investors with the money of newer ones. 47th District Attorney Randall Sims said this is the biggest amount of investment fraud he has seen, and there is not sufficient assets that he owns, or from his business, to cover the amount that has been taken.

"We've seen a rise in the embezzlement, um, I have to unfortunately report that this has been going on for quite some time," said Sims. "It's our belief that there is not sufficient assets that he owns or the business owns to cover the amount that has been taken, and that's why we're urging victims to call and contact us."

There are numbers you can call if you have invested with Langford and Associates. Those are the D.A. office at 379-2325 and the Texas State Securities Board at (888) 663 - 0009. The other businesses that were operating under Langford and Associates are not under investigation.