PARMA HEIGHTS, Ohio -- The developers of a Parma Heights shopping complex are accused of scamming hundreds of northeast Ohioans out of their life savings.

Alan and Joanne Claire Schneider were indicted Friday in what is being called one of the largest securities fraud cases in the state.

Cuyahoga County prosecutors said the couple took at least $60 million from more than 740 local investors.

5 On Your Side reporter Paul Kiska spoke with John Tedeschi, who recently bought Claire's Winery in North Royalton after the government took it away from the Schneiders.

"Sounds like a grand pyramid scheme to me. (She) took advantage of people with her sweet innocent nature," said Tedeschi.

He plans to reopen the revamped winery Nov. 14. He showed NewsChannel5 another side to Joanne Claire Schneider.

Tedeschi said Schneider thought of herself as an angel. She even wrote a children's book about "Claire, the pure spirit."

She had Claire's character made into a stuffed toy complete with angel wings.

Now that Tedeschi owns the winery, people are stopping by sharing their painful stories of losing everything to the Schneiders.

"He eventually got his parents and they all lost $2.5 million. They lost their homes," Tedeshi said.

The Schneiders' world collapsed when they couldn't cover the cost of the new cornerstone shopping and dining complex they were building in Parma Heights, Kiska reported. The Cornerstone Project was to be a main street-style entertainment complex that would replace an abandoned West 130th Street supermarket.

He said they couldn't cover the unprotected investments they talked hundreds of northeast Ohioans into making.

Kiska also reported that the money from the angel books they were selling were going to the Faith foundation, owned by the Schneiders.

Joanne and Alan Schneider were charged in a 163-count grand jury indictment with charges including the sale of unregistered securities, engaging in a pattern of corrupt activity and theft.

Joanne was also charged with securities fraud and money laundering.