A federal grand jury has returned a five count indictment charging three people with committing federal crimes in connection with a "high yield investment scheme".
Former Grand Junction resident Michael Jenkins surrendered to authorities and plead not guilty on May 10. The 42–year–old is accused of working with two other people to scam three victims out of $32 million.
The federal authorities say Jenkins and his partners promised the victims a risk free investment in which they would receive extraordinary rates of return of up to 10 thousand percent interest. But instead the money was used to buy things like castles, race cars, and even cattle. A home in Fruita was also purchased and a commercial site off North Avenue.
Jenkins and his partners face a slew of federal charges including conspiracy to commit wire fraud, securities fraud, and money laundering.
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