DENVER (CBS4) – A grand jury returned a 20-count indictment on Friday against a man accused of using more than $8 million of investor money for his own personal gain.
Lynn Kimbrough with the district attorney’s office said Brian Wellens, 42, is charged with violating the Colorado Organized Crime Control Act, two counts of conspiracy to commit securities fraud, and 17 counts of securities fraud.
“The charges allege that Wellens promoted a vacation investment through his company called Continental Resort Homes, but instead of purchasing vacation properties, he is alleged to have used the money for his personal expenses and other businesses,” Kimbrough said in a statement..
According to the charges, Wellens took approximately $8.5 million from 19 different investors between 2006 and 2011.
An arrest warrant has been issued.