Two men from Colorado accused of scamming investors out of $8 million, according to federal authorities.

According to the U.S. Department of Justice, two men from Colorado are under suspicion of cheating several investors out of almost $8 million through a fraudulent foreign exchange trading scheme. Federal officials announced on Wednesday that Heath Posey, from Denver, and Timothy McPhee, from Estes Park, have been charged with wire fraud, conspiracy to commit wire fraud, and money laundering, as a result of a grand jury indictment in Denver.

In recent years, the crime and public safety scene in Colorado has been a hot topic. In fact, just last year, Aurora apartment owner CBZ Management filed a lawsuit against the state's attorney general in an effort to avoid subpoenas. And now, the news of Posey and McPhee's alleged deceit is just another addition to the list of alarming crimes.

The two suspects, aged 38 and 63 respectively, are accused of operating under the guise of the "ROI Cash Flow Fund" and persuading over 50 individuals to send them money for the purpose of buying and selling foreign currency, also known as forex trading. They promised their investors a monthly return of 3%, according to the indictment.

However, it has been revealed that Posey and McPhee diverted the funds into their own bank accounts and used the money for personal investments and to pay off other investors. Their actions have resulted in significant financial losses for the victims who trusted them.

Following their arrest on Wednesday, the suspects are currently awaiting their next court appearance. At this time, no further information is available and efforts to reach them for comments have been unsuccessful. For those who wish to stay updated on crime news, they can sign up to receive daily updates straight to their inbox.

In light of this unfortunate incident, it serves as a reminder for individuals to be cautious when it comes to investing their hard-earned money. It is always important to thoroughly research and verify the legitimacy of any investment opportunity, as well as to seek professional advice before making any financial decisions. Let us hope that justice will be served for the victims affected by this deceitful act.

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