A Todd County man was indicted Monday by a Logan County grand jury for an alleged investment scam.

Joseph Martin Pewitt, no age available, of Elkton is charged with two counts of selling securities without a license and two counts of selling unregistered securities, according to a report from the Kentucky Attorney General’s Office. The four charges are all class D felonies punishable by one to five years in prison.

The attorney general and the commonwealth’s attorney’s office in Logan and Todd counties worked together in the investigation.

The Attorney General’s Office of Consumer Protection launched its investigation after being contacted by an attorney who represented two elderly widows, according to the office’s report.

The attorney had concerns about an investment his clients had made in TMT Management Group LLC. The two victims lost a total of $240,000 in the scheme in which Pewitt claimed to have invested in “point of sale” credit card terminals and guaranteed investors one percent interest on their investment each month, according to the report.

Although Pewitt was a Todd County resident, he was conducting business in Logan County, said Gail Guiling, commonwealth’s attorney in Logan and Todd counties.

“All I can say about this case is the investigation is ongoing and we do expect additional charges,” she said.

Additional counts against Pewitt may also be filed in additional counties, said Allison Martin, spokeswoman for the Attorney General’s office.

Similar criminal charges have been filed in Texas against people selling TMT Management securities, according to the report. The company has also been the subject of enforcement actions by the U.S. Securities and Exchange Commission.

The owner of TMT Management was sued civilly in Florida, where investors reportedly lost $22 million.

The Attorney General’s Office is still seeking consumers who would like to file a complaint in this case. To file a complaint, call (502) 429-7134.

The Attorney General’s Office said investors should ask tough questions about any possible investment and should be wary if the responses are no, vague or complicated. Investors should also be wary of companies that are not registered to sell securities.

Investors should also get a trustworthy person to advise them and find out information about the company they are interested in investing in, according to the Attorney General’s Office. They can also contact law enforcement and the Better Business Bureau in the area where the business is located, according to the report.