DENVER — After being indicted by a grand jury in April 2018 on nine counts of securities fraud, Cherry Hills resident Gary Dragul was indicted Tuesday on five more counts by a grand jury, state officials said.

The Colorado Department of Regulatory Agencies said in a press release that the principal of GDA Real Estate Services is now up against 14 charges issued by a Colorado State Grand Jury.

Dragul, a 56-year-old Cherry Hills Village resident and business owner, is alleged by the Colorado Attorney General's Office to have designed his company - GDA Real Estate Services, LLC - to defraud investors. Jillian Sarmo, a spokesperson for the state's regulatory agencies, said in the release that Dragul has never held a securities license.

According to state regulators, Dragul asked for and got investment money without making all the disclosures he needed to investors between 2009 and 2014 for an out-of-state shopping center.

Also, state regulators said Dragul oversold membership interests in the business venture and - between 2008 and 2016 - solicited funds for a separate out-of-state business.

Dragul is accused by state regulators of not telling investors when the property sold nor paying back principal or interest on the investments, state regulators said. He also didn't tell investors that he and GDA Real Estate were paid out large commissions related to the sale of the property, the Department of Regulator Agencies said.

He's also facing allegations from the state the had misappropriated investor funds and used them for unapproved expenditures.

Dragul is set to be arraigned in Arapahoe County Court on May 3, 2019.

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