Colorado Man Gets Prison In Investment Fraud Case
GOLDEN, Colo. (AP) - A Colorado man has been sentenced to eight years in prison after pleading guilty to charges of bilking friends and acquaintances of $1.7 million.
Fifty-one-year-old Kenneth Dewey Wyatt of Lakewood was sentenced Wednesday in Jefferson County District Court. He was ordered to pay nearly $1.7 million in restitution. It wasn't clear what assets he has.
He pleaded guilty in August to securities fraud and theft. Prosecutors say he solicited investments in 2007 and 2008 for a real-estate business, promising short-term returns of up to 40 percent. Authorities say he returned less than 5 percent of the investments.
Prosecutors say he failed to tell investors he filed for bankruptcy in 2001 and had been sued by the state over taxes, and that investments would be transferred to his personal bank account.
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