A 51-year-old Lakewood businessman was sentenced this week to eight years in prison for bilking $1.7 million from friends, co-workers and others.
Kenneth Dewey Wyatt also was ordered to repay his investors. He pleaded guilty in August to securities fraud and felony theft.
In 2007 and 2008, Wyatt, a realty-company owner, promised investors in a phony company, Vast Property Management, returns of up to 40 percent on short-term investments. Their money instead went into his personal bank account, according to the case against him.
Wyatt also failed, as legally required, to tell investors he filed for bankruptcy in 2001 and that he was sued by the state in 2006 and 2007 for unpaid taxes.
“Security fraud investigations are complicated and time consuming,” said Jefferson County District Attorney Scott Storey in a news release. “It’s easy for investors to become vulnerable in today’s business climate when everyone is eager to maximize their return.”
The Denver Post
