It depends on what you mean by “fictitious name.” For instance, real estate investors will purchase multiple properties under a Limited Liability Company (LLC) for the tax benefits, liability protections, and additional level of privacy. This can be a legitimate business practice if the LLC is managed lawfully. 

In Colorado, a fictitious name is misleading and illegal if it deceives the public about the business’s true identity, ownership, or services. A name is considered misleading if it: 

• Falsely claims to be a different legal or ownership structure C.R.S. 12-100-114; 3 CCR 705-1; 4 CCR 733-1

• Misrepresents the business’s services or capabilities C.R.S. 23-2-104; C.R.S. 23-64-123

• Suggests a false connection to a government agency or another licensed professional 3 CCR 702-4

I would check to see if the business’s trade name is registered in Colorado or any of the states in question. No record could indicate fraud, especially if there is evidence of intent. 

Because you have provided very few facts, I can't determine if the actions by the individual are fraudulent.

I hope this helps. If you suspect you’ve been defrauded, talk with an attorney. Schedule a consultation with a member of our Real Estate Team. We can discuss your specific situation in further detail and offer proper legal advice.