A Tampa company and its leaders are accused of running a Ponzi scheme that collected $170 million from investors, many of them retirees, and diverted their funds for lavish expenses like chartered jet flights.

EquiAlt LLC, CEO Brian Davison and managing director Barry Rybicki were charged by the Miami regional office of the Securities and Exchange Commission with raising money from 1,100 people, including elderly investors who committed their retirement savings.