A Denver Grand Jury filed an 25-count indictment against three men alleged to be involved in a scheme to sell non-existing tax credits.
The three men face racketeering, theft, forgery and tax evasion charges.
The men have been identified as Alan Eugene DeAtley, 54, Richard Lee Davis, 55, David Michael Zamzow, 61.
The indictment alleges that DeAtley created multiple entities to sell non-existing tax credits to victims and that, through this scheme, caused the Colorado Department of Revenue to suffer losses as well.
Victims are estimated to have lost $1 million, and the Department of Revenue is estimated to have lost more than $20,000.
DeAtley is in custody in Washington state on a $250,000 bond.
Davis is in custody in Oregon on a $50,000 bond, and Zamzow was taken into custody in Fort Collins, but has been released from custody after posting a $50,000 bond.
Court dates for the three men have not been set.
