The Boulder County Grand Jury has indicted Reid F. Phillips on eight counts of securities fraud, prosecutors announced Monday.

The grand jury determined that between Aug. 1, 2015, and Nov. 30, 2017, Phillips willfully made untrue statements or omitted facts in connection with seven securities — all of which were real estate developments in the Denver area — for which he raised investment funds from multiple victims.

Some of the victims as well as some of the businesses operated by Phillips were in Boulder County, catching the district attorney’s attention. The investigation was conducted by the Colorado Division of Securities alongside the DA’s office.

“I greatly appreciate the time and effort of the grand jurors in carefully evaluating the evidence in this financial fraud case,” DA Michael Dougherty said in a release. “The investigation required a thorough review of volumes of financial records, so I want to acknowledge the hard work of the Division of Securities and the team from the DA’s Office.”

Phillips turned himself in on the arrest warrant on Feb. 22 and posted a $10,000 surety bond. His next court appearance is scheduled for Wednesday.

Securities fraud is considered a Class 3 felony in Colorado and carries possible penalties of up to 12 years in prison and a $750,000 fine, according to the DA’s office.