Indiana Man and Ohio Man Arrested on Securities Fraud Charges
A criminal lawsuit was filed against Jerry A. Smith of Brookville, Indiana and Jasen M. Snelling of Cincinnati, Ohio earlier this month. The men each face eighteen felony charges, including securities fraud charges.The Dearborn County Prosecutor's Office alleges that Smith and Snelling sold unregistered securities in an investment scam that cost investors about $3 million. Specifically, the allegations state that Smith and Snelling were not licensed to sell securities, the securities sold were not registered with the state of Indiana, and some of the money taken from investors was used for personal expenses and was not invested.
The probable cause affidavit claims that Smith and Snelling did business as CityFund Advisory and Dunhill Investment Advisories Ltd.
Smith and Snelling already face similar charges in Franklin County, Indiana. Their trial date is currently scheduled for July 13, 2011 in the Franklin County cases. The date for the Dearborn County case has not yet been set.
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