Colo. Oil Man Gets Indicted For An Alleged Ponzi Scheme
Oil and gas investments are always fertile ground for Ponzi schemes, and Colorado authorities are alleging that another cases has surfaced there. The Denver Business Journal said a grand jury has indicted 47-year-old Jeffory Dean Shields of Parker, Colo., charging that he took $5 million from 60 investors for fictitious oil and gas ventures. Through his two companies, Shields allegedly promised investors high returns, but is charged with spending their money on a Lear jet, high-end cars, and other luxuries. He faces 22 counts of securities fraud and 19 counts of theft, the Business Journal reported.