Owner of Pueblo West financial planning business indicted on 8 counts of securities fraud

Justin Reutter, The Pueblo Chieftain
Updated ·1 min read

A Pueblo West man has been indicted by a Colorado grand jury on eight counts of securities fraud.

Kent Edlin, founder and owner of MTK Financial Planning Services, is accused of soliciting and receiving investments from 11 individuals through his other company, RVM Properties. Edlin was not licensed to sell securities, and RVM is not registered with the Colorado Secretary of State.

The indictment against Edlin alleges he told elderly investors that the investments were risk-free or low-risk. However, the investment money received was not invested properly in any "financial instruments."

Instead, the money was allegedly used in Edlin's other businesses for personal use and to repay previous investors.

Investments across all eight counts totaled more than $395,000, according to the indictment. Victims all resided in Pueblo and Colorado Springs, according to a state investigator.

All eight counts of fraud occurred between Sept. 15, 2015 and Dec. 31, 2022.

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Edlin "engaged in a pattern of business that operated as fraud," according to the affidavit, by "continuing to solicit, accept, and hold investor funds, while failing to maintain the funds for use in any investment he solicited."

"Edlin failed to use the funds in the represented manner," the indictment states. "Edlin failed to make necessary disclosures at any time after the investments were made and diverted funds for personal use. Edlin continued to make material misstatements and omissions to investors after their initial investment. Edlin thereby induced investors to wait long periods of time in order to get subsequent RVM investors to pay back prior investors."

Edlin will next appear in court on May 17 in front of District Court Judge Allison P. Ernst.

All suspects are presumed innocent until proven guilty in court. Arrests and charges are merely accusations by law enforcement until, and unless, a suspect is convicted of a crime.

Questions, comments, or story tips? Contact Justin at jreutterma@gannett.com. Follow him on Twitter @jayreutter1.

This article originally appeared on The Pueblo Chieftain: Pueblo West man indicted on eight counts of securities fraud