A Gloucester man is accused by Secretary of State William Galvin’s office of defrauding elderly investors out of more than $1 million.

Thomas T. Riquier, 75, of Gloucester, was charged yesterday with violating the Massachusetts Uniform Securities Act.

As an employee of United Planners Financial Services in Danvers, Riquier is accused of soliciting his clients to invest in a property he owned. Investors were told they’d be repaid when the property was improved and resold.

“Beginning in the early 1990s, Riquier created a complex scheme involving real property and client loans that was used to defraud his investors of over $1 million,” the complaint reads. “Riquier’s scheme has been going on for so long that many of the original investors and clients have died while the remaining elderly Massachusetts investors have not seen a penny returned on their 26-year-old investment.”

Riquier is also responsible for 1,771 accounts for approximately 400 other clients, according to the complaint.

The Secretary of State’s office seeks to revoke Riquier’s registration as an investment advisor and a broker-dealer agent permanently and to compel him to make restitution to the victims of the scam.