The federal Securities and Exchange Commission has sued a Sunny Isles Beach man, charging he is one of the key players in a $30 million scheme to bilk people nearing retirement out of their savings.

According to a report by the Reuters news agency,  Wayde McKelvy, 46, of  Sunny Isles Beach and Donna McKelvy, 43, of Parker, Colo., used their company, Speed of Wealth LLC, to encourage people to liquidate retirement plans and home equity in favor of investing in environmentally friendly investments promising at least 17 per cent return.

The McKelvys earned 12.5 percent in commissions for steering investors to Mantria Corp of Bala Cynwyd, PA, according to the civil lawsuit filed in Denver federal court Nov. 16. Mantria's principals -- Troy Wragg, 27, and Amanda Knorr, 26 -- are accused of raising $122 million from more than 300 investors nationwide in a dozen fraudulent securities offerings, Reuters is reporting.

The SEC is seeking return of the profits and civil fines.

For the full Reuters reort, go to: http://www.reuters.com/article/GCA-GreenBusiness/idUSTRE5AF50W20091116