For defrauding investors of more than $750,000 in an oil and gas wells securities scheme, Robert Allen Zickefoose, 50, will serve a 10-year prison sentence, according to a news release sent by the state Attorney General’s office Thursday.
He was initially indicted by the AG’s office in July, 2013 and pleaded guilty in July 2014. Zickefoose failed to appear for his hearing last month and subsequently, an El Paso County judge issued the sentencing order.
“Thanks to the watchful eye of Colorado’s Division of Securities, our prosecutors were able to prove that Zickefoose was swindling people,” said Attorney General John Suthers. “While every investment carries some risk, given Colorado’s oil and gas development boom, investors need to do their homework and ensure they are dealing with a licensed securities broker.”
The investigative work by The Colorado Division of Securities, a Division of the Department of Regulatory Agencies, was instrumental in the AG Office indictment. He ran a “boiler-room” type operation in Colorado Springs from which he sold unregistered oil and gas securities in the Wattenberg field in Weld County to a number of victims. In total, Zickefoose stole more than $750,000 from a number of victims, some of whom were elderly, the release said.