Two Colorado men are suspected of defrauding dozens of investors of nearly $8 million in a foreign exchange trading scheme, according to the U.S. Department of Justice. Heath Posey, of Denver, and Timothy McPhee, of Estes Park, were charged with wire fraud, conspiracy to commit wire fraud and money laundering following a Denver grand jury indictment, federal officials said Wednesday. Related Articles Crime and Public Safety | Aurora apartments owner CBZ Management sues Colorado attorney general in bid to quash subpoenas Crime and Public Safety | Denver man defrauded dozens — including pro athletes in Colorado — through investment scheme, feds allege Crime and Public Safety | Jeffco contractor guilty of felonies after Arvada asbestos fiasco Crime and Public Safety | Colorado funeral home owners who let nearly 190 bodies decay plead guilty to corpse abuse Crime and Public Safety | Phone scammers are impersonating Denver sheriff deputies, officials say Posey, 38, and McPhee, 63, allegedly posed as the “ROI Cash Flow Fund” and convinced more than 50 people to send them money, which they claimed would be used for buying and selling foreign currency, also known as forex trading. The pair told investors they would see a 3% monthly return, according to the indictment. Instead, Posey and McPhee transferred the money to their own bank accounts and used the funds for personal investments and to pay off other investors, according to the indictment. Posey and McPhee were arrested Wednesday, according to court records. Their next court appearance was not immediately available and they could not be reached for comment. Sign up to get crime news sent straight to your inbox each day.