A former Clarica Life Insurance employee faces 68 charges, including fraud, after 20 clients invested $1.45 million in a non-existent mutual fund.

Calgary Police say between 1994 and 2000 the woman convinced clients to put their money into the “Special Recognition Fund,” which was supposed to pay a high annual rate of return and was only being offered to clients of top-performing Clarica agents. Such a fund does not exist.

According to the CBC, the fraud came to light when an investor demanded his money be returned and it wasn’t available. Police say $300,000 of the $1.45 million invested has been recovered.

Nancy Swedberg, 44, has been charged with 68 counts of fraud, theft, forgery and uttering a forged document.