Financial adviser accused of stealing $1.3M from client. How Ohio cops say he spent it
An Ohio man is headed to jail after police say he swindled a client out of $1.3 million by using her personal information.
The Lebanon man was sentenced to 15 years in prison, according to a news release from the Ohio Department of Commerce on Oct. 5.
The release says he was working as an investment advisor in 2013, when he opened a bank account in his client’s name without her knowledge or permission. He then sold securities from the victim’s brokerage account and transferred the money into the new bank account he created, officials said.
He used the money for personal expenses, such as a down payment on his home, mortgage payments, car loans and credit card purchases, officials said. Authorities say he also bought a tiny home for a family member, according to a news release from the Warren County Prosecutor’s Office.
“The victim became aware of the fraud in 2022 when she was contacted by the IRS about the bank account,” the release said.
The man pleaded guilty to three second-degree felony counts for unlawful securities practices, aggravated theft and identity fraud. On Oct. 2, he was sentenced to 15 years in prison and ordered to pay $1.02 million in restitution to the victim, officials said.
“Every dollar taken by fraud hurts families and law-abiding businesses in Ohio. Today’s sentence confirms that the Division and its law enforcement partners are committed to making Ohio a safe environment where investors and industry professionals can grow and prosper,” Ohio Securities Commissioner Andrea Seidt said in the Department of Commerce release.
Information regarding the man’s legal representation was unable to be obtained as of Oct. 5.
This story was originally published October 5, 2023 at 1:45 PM with the headline "Financial adviser accused of stealing $1.3M from client. How Ohio cops say he spent it."
