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Dec 9, 2013 4:13 PM by Juice Godfrey

Arvada man accused in $18 million oil, gas scheme

DENVER (AP) - An Arvada man is being accused of selling investments without a license and lying to investors as part of an $18 million financial scheme that was set up to buy up oil and gas royalty interests.

Authorities say Deven Sellers worked for two Texas people who used only 10 percent of the investments to buy royalties.

According to the Denver Post, a U.S. Securities and Exchange Commission complaint unsealed last week in U.S. District Court for the Western District of Texas says Sellers told potential investors that his commissions and fees were small, even though he received more than $200,000 from one investment alone.

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