SEATTLE -- A former Kirkland broker was charged with mail fraud and appeared in court Wednesday. She's accused of scheming clients out of millions of dollars, federal prosecutors said.

Rhonda Breard, 47, accepted millions of dollars from at least 20 investors, prosecutors said.

She told the investors the money would be placed in a variety of financial and insurance products. Instead, Breard used the money for her own expenses, and mailed phony statements to her customers, prosecutors said.

“Investigators are still determining the extent of the fraud,” said U.S. Attorney Jenny A. Durkan.

Prosecutors said the victims trusted Breard with their money after they heard her speak at investment classes. Some had invested with Breard for more than 20 years.

Breard worked as an independent contractor for ING Financial Partners since 2004. The fraud came to light when an auditor with ING made an unannounced visit to Breard’s office in February.

The auditor found a locked file cabinet in Breard’s office and he was told that it contained only her personal tax information, prosecutors said.

When the file was unlocked he found a number of client files that revealed Breard had not made investments with client money, but had in fact used it for her own benefit.

A preliminary investigation by the Washington State Department of Financial Institutions (DFI) indicates as many as 25 investors could be out more than $8 million.

Mail Fraud is punishable by up to 20 years in prison and a $1 million fine.

Breard made her initial court appearance Wednesday afternoon in federal court in Seattle. She was released on personal recognizance. Her lawyer says she is cooperating fully with authorities.

Anyone who invested with Breard and Associates is asked to contact the FBI at 206-622-0460.