Prosecutor Jay P. Raman said investigators think the amount lost by clients could top $15 million.
Robert Graham, a prominent Las Vegas attorney, was arrested on Jan. 4, 2017.
“We felt it was necessary to quickly seek an indictment on this case to ensure that evidence was preserved and that Mr. Graham was unable to cause any further financial damage to families in our community,” said Clark County District Attorney Steve Wolfson, CBS affiliate KLAS reports.
Graham was booked into the Clark County jail on $5 million bail pending an initial appearance in Clark County District Court.
His defense attorney, Lance Hendron, didn’t immediately respond to messages seeking comment.
A statement by Clark County District Attorney Steve Wolfson said prosecutors quickly sought an indictment to ensure that evidence would be preserved.
Graham, a Nevada lawyer since September 1992, was a frequent television advertiser before shutting down his Lawyers West probate services firm and laying off employees on Dec. 2.
He graduated from the Brigham Young University J. Reuben Clark School of Law, and had offices in Utah and Colorado. He also had a home in Fort Collins, Colorado.
The Nevada State Bar filed a misconduct complaint against Graham on Dec. 8, and the Nevada Supreme Court on Dec. 9 temporarily suspended his license pending the outcome of the professional disciplinary proceedings.
The court said letting Graham practice law posed a “substantial threat of serious harm to the public.”
Graham later contacted the local Las Vegas Review-Journal, which reported he expressed remorse that his business failed.