The Los Angeles County District Attorney has charged a film director and an insurance agent with bilking an estimated $21.5 million from people who invested in a film they produced, “Not Forgotten.”

Dror Soref, 65, and insurance agent Michelle Seward, 43, were each charged with 56 counts of securities fraud, 15 counts of sale of unregistered securities and one count of device, scheme or artifice to defraud a securities transaction, according to the D.A.

Seward pleaded not guilty to all charges today.

Seward, a former insurance agent and chief executive of Protégé Financial and Insurance Services Inc., and Soref, who produced music videos for “Weird” Al Yankovic, were arrested last month.

The two are charged with giving presentations to nearly 140 investors, who were mostly elderly, and convincing them to purchase unqualified, non-exempt securities as a way to raise funds for the film, the D.A. said. “Not Forgotten,” released in 2009, starred Simon Baker and Paz Vega.

Some of the victims lost as much as $395,000. All were promised double-digit returns with no risk. Soref and Seward then used the money to pay themselves, their employees and previous victims, authorities allege.

Soref has also pleaded not guilty to all charges. Both are due in court for a preliminary hearing Nov. 16.

If convicted, each could face a maximum sentence of more than 75 years in state prison.