A Larimer County, Colo., grand jury recently indicted three men on fraud charges, saying they swindled a Florida investor out of $1.15 million that he thought he was investing in new virtual reality technology. (Of course, an indictment doesn’t mean guilt, so the trade will have to see how all this plays out in the courts.)

According to the Loveland Reporter-Herald, the indictment alleges charges of theft, conspiracy to commit theft, securities fraud and conspiracy to commit fraud against Benjamin Eugene Davenport, Kirk Adam Smith and Gabriel D. Halsmer of VRsenal.

The Florida investor, Juan Jose Rendon, claims he sent the men a total of $1,150,958 over several months as an investment from his business, JJ Entertainment World, into the VRsenal company.

The indictment alleges the money – sent from November 2017 through September 2018 – was not used for the production of the new technology, but for paying prior investors, lenders, employees and attorneys defending against a prior criminal action.

More details are available in a release from the Clifford E. Riedel District Attorney’s Office of Larimar and Jackson counties.