Two financial officials who oversaw investments for Carnegie-Mellon University and other institutions have been charged with fraud in a case involving an estimated $550-million, Reuters reports.

Paul Greenwood and Stephen Walsh managing general partners of WG Trading Company, based in Greenwich, Conn., have been accused of using client money as “their personal piggy-bank,” according to the U.S. Securities and Exchange Commission, the news service says. Lawyers for the two men were not available for comment at the time the article was published.