The Statewide Grand Jury has indicted James Shattuck on theft, forgery and securities fraud charges.
He is accused of obtaining money from investors for what they thought was the construction of a car wash in Northglenn. Shattuck also is accused of using money he obtained to develop a subdivision in Weld County to pay off personal debt.
According to the indictment, Shattuck obtained $257,000 from three investors between April 14, 2006, and Nov. 17, 2006, to build a carwash in Northglenn, the Reflections Auto Wash. Shattuck is accused of misleading investors by not disclosing essential information, including the facts surrounding his financial means and a previous bankruptcy.
Investigators from the Office of the Attorney General and the Northglenn Police Department also learned during their investigation that Shattuck allegedly stole $15,000 from a $450,000 loan he received in January 2007. He is accused of using the money to pay off personal debt. According to the indictment, Shattuck told the lender his company, Construction Specialists, he would use the loan to develop a subdivision, Sandstone Ridge, in Weld County.
He is scheduled to appear in Adams County District Court on Aug. 13.