According to Colorado securities regulators, two men have been arrested in unrelated securities fraud cases.

Eddie Johnson of Sterling, Colorado was taken into custody after he was indicted on seven counts of securities fraud and four counts of theft. He is accused of soliciting $162,000 and a car valued at $30,000 from people who believed they were investing in manufacturing companies Johnson owned.

William Gardner of Englewood, Colorado was arrested on multiple felony securities fraud and theft charges. He is accused of spending more than $730,000 of his clients’ money to cover his own expenses and to pay returns to previous clients, according to a grand jury indictment filed by the Colorado Attorney General.

According to Colorado Securities Commissioner Gerald Rome, Johnson told investors that his companies — Overland Trailer Manufacturing and Overland Corp. — were under contract with major sporting goods retailers for the production of trailers. However, Rome’s office said, the company did not have the promised contracts and Johnson allegedly used the money to pay himself and to cover Overland business expenses.

The complaint also alleges that Johnson did not tell investors that he and his businesses were facing civil and criminal charges or that he had six criminal convictions, including forgery and theft.

In the Gardner case, state regulators say in 2008 he created Gardner Advisory Services, which offered retirement planning, financial advice and life insurance. Though he held an insurance broker license, he was not licensed to sell other financial products regulated by the Colorado Securities Act.

According to the complaint, Gardner never told his clients that he had declared bankruptcy in 2006, had defaulted on his mortgage six times between 2005 and 2015 and had been called to respond to unsatisfied financial judgements from individuals and the Internal Revenue Service.

If you or someone you know has lost money as a result of an investment or Ponzi scheme, please contact Richard Frankowski at 888-741-7503 to discuss your potential legal remedies or complete the contact form.