This year, older Ohioans are at risk of losing more than $60 million to scammers and fraudsters.
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An Ohio man was sentenced to 17 and a half years in prison after being found guilty of conspiring to artificially inflate prices on a low-value stock being sold to investors.
December 17, 2024, Press Release from the Office of Ohio Attorney General Dave Yost: (COLUMBUS, Ohio) — A federal judge has appointed Ohio as lead plaintiff in a securities class-action lawsuit against ZoomInfo Technologies Inc., a software company accused of deliberately misleading investors, fueling $75.9 million in losses for two state pension funds. In a motion filed on Nov. 4 in the U.S. District Court for the Western District of Washington, Yost sought the lead-plaintiff status on behalf of the Ohio Public Employees Retirement System and the State Teachers Retirement System. The lawsuit accuses ZoomInfo of committing securities fraud by concealing a slowing demand for its product after a temporary revenue boost early in the COVID-19 pandemic.
A Mercer County man was arrested yesterday after defrauding Ohioans out of over a million dollars. Between 2019 and 2021, Christopher T. Wendel allegedly solicited 1.2 million in investments in his company Buckeye Income Fund LLC. Ten people, some of whom were elderly, were misled into sending money. Back in 2019, the Ohio Division of Securities issued a cease and desist to Wendel after finding that he was selling unlicensed securities. He faces 96 charges ranging from fifth to first-degree felonies, including securities fraud, theft, and telecommunications fraud. Wendel is being held at the Mercer County Jail waiting for his arraignment and bond hearing.
June 27, 2024, Press Release from the Ohio Department of Commerce: COLUMBUS, Ohio – The Ohio Department of Commerce Division of Securities urges Ohioans, particularly the elderly, to be cautious when considering investing in cryptocurrency. With the growing popularity and rapid adoption of digital currencies, all potential investors should always make sure they fully understand the inherent risks and red flags associated with cryptocurrency investments, especially given their popularity with bad actors looking to scam investors out of their money.
May 16, 2024, Press Release from the Ohio Department of Commerce: COLUMBUS, Ohio – As investment opportunities become increasingly complex and sophisticated, the risk of Ohioans falling victim to financial scams has never been greater. In recognition of Older Americans Month, which is a group often targeted by fraudsters, and to help all consumers better defend against these threats, the Ohio Department of Commerce’s Division of Securities is highlighting the increased prevalence of investor scams and providing guidance on how individuals can safeguard their finances.