A Colorado man has been sentenced to 10 years in prison for running an oil and gas security scheme in Colorado Springs, according to the Denver Business Journal.
Robert Allen Zickefoose, 50, was sentenced on October 3rd after he failed to appear for a September 29th sentencing and a warrant was issued for his arrest. In July 2013 Zickefoose was indicted by a Colorado grand jury and plead guilty to seven counts of securities fraud and theft for selling unregistered oil and gas investments in the Wattenberg Field in Adams County.
Zickefoose defrauded investor’s, some of which were elderly, of more than $750,000 as the sole owner and president of Zickefoose Reserves LLC in Colorado Springs. According to the Attorney General’s Office, Zickefoose used the money to repay past investors and cover expenses unrelated to the two wells in the Wattenberg field of Adams County.
Read the full story here.