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Boulder County Grand Jury indicts man on eight counts of securities fraud

Posted at 4:14 PM, Mar 07, 2022
and last updated 2022-03-07 18:14:38-05

BOULDER COUNTY, Colo. — The Boulder County Grand Jury has indicted a man for eight counts of securities fraud, the 20th Judicial District Attorney's Office announced Monday.

Reid F. Phillips is accused of making false statements or omitting facts in connection with seven securities - all of which were real estate developments in the Denver area - between August 1, 2015 and November 30, 2017.

The 20th Judicial District Attorney's Office says Phillips raised investment funds from a number of victims in connection to those developments. He is also accused of engaging in a fraudulent business.

Some of the victims were in Boulder County, along with some businesses operated by Phillips, according to the district attorney's office. The case was investigated by the district attorney's office and the Colorado Division of Securities.

“I greatly appreciate the time and effort of the grand jurors in carefully evaluating the evidence in this financial fraud case," said District Attorney Michael Dougherty. "The investigation required a thorough review of volumes of financial records, so I want to acknowledge the hard work of the Division of Securities and the team from the DA’s Office.."

Phillips turned himself into police on Feb. 24, and posted a $10,000 surety bond. He is expected in court on March 9 at 8:15 a.m.

Securities fraud is a Class 3 felony in Colorado and carries possible penalties of up to 12 years in prison and a $750,000 fine.