Ohio Native Charged with Investment Fraud in Indiana
Prosecutors in Dearborn County, Indiana, have filed criminal charges against Jerry A. Smith of Brookville, Indiana and Jasen M. Snelling of Cincinnati, Ohio for an alleged multi-million dollar investment scheme that authorities say defrauded investors in three states.
The men were charged with 18 felony violations each, including charges of securities fraud and theft. Smith and Snelling also have criminal charges pending against them in Franklin County, Indiana, where a county judge ordered an asset freeze against them in October of 2010.
According to official court documents, Smith and Snelling are charged with selling at least $3 million worth of unregistered securities to approximately 40 investors in Indiana, Ohio and Kentucky. Neither of the men was registered to sell securities, though officials say they have been operating the investment scheme through their companies (CityFund Advisory, LLC and Dunhill Investment Advisors, LTD) since 2007.
Officials have also accused Smith and Snelling of using investors' funds for personal expenses, including: credit card bills, mortgage payments, vacations, plastic surgery, and more. Prosecutors say there hasn't been any money traded on behalf of investors since 2008.
Indiana Secretary of State Charlie White issued investors this warning: "Hoosiers should learn as much as possible about the person offering the investment, as well as the investment itself, when giving their hard-earned money to others for investment purposes. Indiana investors can learn about a person's work history, licensing status and any disciplinary actions on our www.IndianaInvestmentWatch.com website."
Ohio investors can find similar information on the Ohio Department of Commerce Division of Securities website.
For additional details, read the Indiana Secretary of State's press release here.
About our law firm:
The Ohio-based law firm of David P. Meyer & Associates represents individuals in Ohio and throughout the country who have been harmed by investment fraud. All of our cases are handled on a contingency fee basis, and we never request a retainer of any kind.
Contact us toll-free at 1.866.429.2360 for more information, or complete the online form on the top of this page and we will respond promptly.
Category: General
Labels: Ohio investment fraud
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