Recovering Losses caused by Investment Misconduct

TRO Alleging Securities Fraud Issued Against Dayton Businessman and His Businesses

Montgomery County Common Pleas Court Judge Mary Wiseman issued a temporary restraining order (TRO) against Wayne T. Essex of Centerville, and his three businesses: Essex and Associates, Inc. in Dayton; Essex HR & Associates, Inc. in Beavercreek; and HR Reconciliation, LLC in Dayton. Judge Wiseman issued the TRO based on Ohio Department of Commerce Division of Securities allegations that Essex and his companies were engaging in securities fraud.

The State’s Complaint alleged that Essex sold $1.1 million worth of fraudulent promissory notes in the Dayton Small Business Capital Fund to 20 investors from July 6, 2010 to November 23, 2011. Essex is accused of telling investors the promissory notes would be used to make loans to and investments in Dayton-area small businesses. The Complaint alleged that none of the money was used for the stated purpose.

Instead, the Complaint alleged, Essex commingled investor funds with his business accounts and used the money for his personal purposes. The Complaint further alleged that Essex was selling securities that were not properly registered, and that he was doing so even though he was not licensed to sell securities in Ohio. Essex is accused of failing to disclose these alleged facts to investors.

The Complaint further alleged that Essex falsely represented the securities to investors. In particular, Essex allegedly told investors their "guaranteed" investments would yield annual returns of five, seven, or 10 percent, dependent on how much was invested. Essex allegedly told investors that larger investments would yield the highest returns.

The TRO issued on Friday bars Essex and his businesses from selling or offering to sell securities, and from destroying or altering any records, among other things. A preliminary injunction has been scheduled for mid-January, according to a Dec. 23 Ohio Department of Commerce news release.

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To schedule a free consultation with an experienced Ohio investment fraud attorney, please call us today at 614-224-6000 or toll-free at 1-866-827-6537. We also invite you to read our FREE book for more information about your rights and potential recovery: Five Signs of Investment Fraud... And What to Do if it's Happened to You.