Two Colorado men are facing state securities fraud charges after prosecutors say they took nearly $5 million from about 90 investors through a helium and hydrocarbon exploration pitch that didn’t hold up. Their names are James Stelzer and Lucas Kalisher, and a grand jury indicted both of them on 16 counts of securities fraud on August 24, 2026.
The Colorado Attorney General’s office announced the indictment on September 15, and the case is being prosecuted by the office’s Criminal Justice and Financial Fraud Unit.
What They’re Accused Of
According to the indictment, Stelzer and Kalisher solicited approximately $4,825,500 from around 90 investors for helium and hydrocarbon exploration, production, and processing projects. Prosecutors allege the two ran a scheme built on misrepresentations and omissions when pitching the investment to people.
The two men allegedly controlled and operated two limited liability companies, Summit Source Funding, LLC and Summit Operating, LLC. Through those LLCs, prosecutors say they created several limited partnerships, including Trinity Peaks Helium, LP, Golden Eagle Helium, LP, HCGP #1, LP, and Three Rivers Production Venture, LP, then sold ownership interests in those partnerships to investors.
Where the Pitch Allegedly Fell Apart
Helium exploration is a legitimately growing niche, given how helium is used in everything from MRI machines to semiconductor manufacturing, so on paper the pitch probably sounded reasonable to a lot of investors. According to the indictment, though, Stelzer and Kalisher misrepresented what would actually be done with investor money, telling people the funds would go toward drilling, testing, and completing wells, along with designing and building a helium processing plant.
The indictment doesn’t spell out every detail of what actually happened to the money instead, but the fact that state prosecutors moved forward with 16 separate fraud counts suggests investigators found a pretty consistent pattern of misleading investors across multiple partnerships.
Not Registered to Sell Securities
One basic fact stands out here. Neither Stelzer nor Kalisher was registered to offer or sell securities in Colorado. That’s a requirement for anyone soliciting this kind of investment from the public, and skipping it is often one of the first red flags regulators look for when a complaint comes in.
How the Case Came Together
The Colorado Division of Securities investigated the matter before it went to the Attorney General’s office for prosecution. A grand jury indictment is a formal accusation, not a conviction, and both Stelzer and Kalisher are presumed innocent unless the state proves its case in court.
If You Invested
The Colorado Attorney General’s office is asking anyone who invested in Trinity Peaks Helium, LP, Golden Eagle Helium, LP, HCGP #1, LP, or Three Rivers Production Venture, LP to reach out directly. Investors can contact the Division of Securities at 303-894-2320, or reach the Colorado Attorney General’s office at 720-508-6000.
Where the Case Stands
Right now, this is still at the indictment stage, and nothing has been proven in court. Given how many investors are reportedly involved, close to 90 people, this case is likely to draw continued attention as it moves through the Colorado court system.