In breaking news today, authorities in Colorado say criminal charges are expected to be filed against Richard Heene, a storm-chasing father whose giant Mylar balloon ascended into the sky earlier this week, sparking fears that his 6-year-old was aboard.

"We do anticipate at some point in the future, there will be some criminal charges filed with regards to this incident," Larimer County Sheriff Jim Alderden said.

The saga captured the nation's attention early Thursday afternoon, after authorities reported the family's homemade helium balloon was set adrift, apparently with young Falcon Heene inside.

Suspicions were originally raised when during an TV interview, Heene asked Falcon why he had not come out from hiding when his parents were calling for him.  "You guys said we did this for the show," the boy said.

Heenes had called the Federal Aviation Administration first, followed by a local TV station with a news helicopter, and then police. There is also evidence of video footage taken after the balloon took off,  which documents that they did not 'rush to call' for help, but rather 'film' disarray.

Bookmaker.com had posted odds on what will most likely happen next, following the October 15th incident.   If charges are filed this week, and the hoax is proven, or Heene confesses, the balloon boy bet would of paid +300.

THE BALLOON BOY/ WHAT WILL HAPPEN FIRST