A second Coloradan has been accused of selling fraudulent time shares in luxury Mexican resort properties to seniors as part of an alleged $400 million nationwide pyramid scheme.
Colorado securities regulators said Tuesday they filed a complaint in Denver District Court against Terry L. Fields of Lakewood. They allege Fields lured at least four Colorado seniors to invest more than $110,000 into Resort Holdings International, an Indiana company.
In May, a Denver judge ordered Boulder investment adviser Louis W. Welt to pay $1.6 million to seniors he allegedly lured into making investments in Resort Holdings. Investors were promised a 9 percent return on their money but never saw that return, and most never retrieved their initial investment, according to Colorado regulators.
Federal authorities said Resort Holdings was owned by Michael E. Kelly, a U.S. citizen who resided in Mexico. He was indicted on fraud charges in 2006.
