A Parker man faces more than 40 criminal charges on suspicion of orchestrating a scheme that authorities say bilked more than $5 million from unsuspecting clients.

The Colorado Attorney General’s Office says Jeffory Dean Shields, 48, offered high rates of return for those who invested in gas and well drilling operations. But instead of putting the money into accounts that would grow, Shields is accused of using his two companies, Geodynamics Exploration Inc. and Geodynamics Inc., to redirect the money into his own accounts. He allegedly proceeded to drain the accounts by renting out a private Learjet and buying personal vehicles.

The indictment, which was filed in Douglas County District Court on May 9, says more than 60 investors fell for the fraudulent operation.

Shields faces 19 counts of theft and 22 counts of securities fraud, with each of the latter charges carrying up to 12 years in prison if he is found guilty.

After the indictment was returned by a grand jury, Shields was taken into custody and his bond was set at $750,000. It was not immediately clear if Shields has retained an attorney.

The Office of the Attorney General investigated the case and secured the indictment with the assistance of the Colorado Division of Securities and the Denver office of the Securities and Exchange Commission.