The Securities and Exchange Commission this week filed a complaint charging a local investment adviser and broker representative with defrauding clients.

Richard G. Cody, a former resident of Massachusetts and current resident of New Jersey who operates Boston Investment Partners, allegedly defrauded at least three of his retired clients over a 12-year period by concealing the fact that their retirement accounts had suffered extensive losses.

According to the complaint, the clients did not know that their accounts had lost substantial value and were being rapidly depleted. By 2014, once two of the retirees’ accounts had essentially run out of funds, Cody allegedly continued to hide that the retirees’ money was gone by making wire transfers of monthly deposits to the retirees’ bank accounts and fabricating tax forms.

The SEC is seeking a court-ordered asset freeze against Cody and Boston Investment Partners.