WATERTOWN, Conn. -- A Watertown insurance agent has been charged with more than a dozen federal crimes stemming from claims that he stole thousands of dollars from his elderly clients.

Tom Cipriano faced charges of mail fraud and money laundering in New Haven Federal Court on Thursday.

PDF: Thomas Cipriano Indictment

The Channel 3 I-Team broke the story last spring. Senior citizens said Cipriano promised them annuities with big returns.

However, the I-Team uncovered several cases where clients said the insurance agent promised bigger returns if they gave the money to him, but the money disappeared.

Michael and Elizabeth Santopietro said they gave Cipriano $30,000.

"Until Channel 3 got involved, they weren't getting anywhere," the couple said. "They just couldn't nail him."

Cipriano appeared in court to face eight counts of mail fraud and eight counts of money laundering. He faces 30 years in prison and a $500,000 fine.

The just-unsealed indictment includes allegations that when one victim received a check for more than $250,000 for her husband's life insurance, Cipriano convinced her to endorse the check to him by falsely promising he would use the money to purchase an investment.

But federal agents said in the indictment that Cipriano actually deposited hundreds of thousands of dollars of other people's money into his personal bank account and "used the commingled funds for his own purposes, including paying for his gambling activities, paying for personal expenses for himself and his family, and making lulling payments to other clients."

The Santopietros and several other victims said they got their money back from some of the insurance companies with which Cipriano dealt.

Now Cipriano faces time in prison. He is due back in court in May.