A 51-year-old Lakewood man has been indicted by a Jefferson County grand jury on 51 counts of securities fraud and four counts of theft, all class-3 felonies.
Kenneth Dewey Wyatt is accused of fraudulently soliciting more than $1.7 million from his friends, acquaintances and co-workers between April 2007 and October 2008.
Wyatt approached potential investors and asked for money to expand his business. In return, he offered very high rates of return, up to 40 percent, on very short-term investments, according to the indictment.
The indictment states Wyatt repaid only a small percentage (less than 5 percent) of the $1.7 million. He made nominal repayments to some of the investors and repaid nothing to the others. There were twelve victims named in the indictment.
In 2007, Wyatt began doing business as Wyatt Group Realty LLC at 255 Union Blvd., Lakewood. The business was a real estate firm that assisted people and businesses with the purchase and sale of real estate.
In 2008, when Wyatt Group Realty began to falter, Wyatt solicited funds from investors and created Vast Property Management. According to court documents, Vast Property was never a viable company and never produced any income.
Wyatt had four business and two personal bank accounts. He is accused of moving money between accounts, including his personal accounts. Wyatt is also alleged to have used money from one investor to make partial payments to another.
The indictment was returned on Feb. 18. Wyatt was arrested on Feb. 23 and posted a $25,000 cash bond. His next court appearance is March 7.
