DENVER — Colorado Attorney General John Suthers announced today the Statewide Grand Jury has indicted James Shattuck (DOB: 12/14/1952) on theft, forgery and securities fraud charges after he allegedly obtained money from investors for what they thought was the construction of a car wash in Northglenn. Shattuck also is suspected of using money he obtained to develop a subdivision in Weld County to pay off personal debt.
According to the indictment, handed down May 15, 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, who turned himself in June 24, is suspected 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 suspected 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.
Attorneys from the Office of the Attorney General will prosecute Shattuck in Adams County District Court. His next appearance is scheduled for Aug. 13.