Department of Commerce: Franklin County resident sentenced for theft
Deep Patel was sentenced recently by Franklin County Court of Common Pleas Judge Michael Holbrook for allegedly stealing from two South Carolina victims through the sale of securities.
Judge Holbrook ordered Patel to pay $7,572 in restitution to the victims and sentenced him to serve one day in jail with credit for time served.
Patel, of Columbus, pleaded guilty to a first-degree misdemeanor charge of theft.
He was indicted in June 2022 on five felony counts, including securities fraud and theft.
The indictment alleged Patel told the investors that he would place their funds in an investment account. Instead, he allegedly placed the funds into his personal accounts and used the money for personal expenses and to pay a prior investor. The activity allegedly began in February 2018 and continued until March 2018.
As part of plea negotiations, Patel entered into a cease-and-desist order with consent agreement, under Division of Securities Order No. 23-002, to which Patel agreed to the Division’s findings and to a lifetime ban on the sale of securities in or from Ohio. Patel deposited the full restitution with the Clerk of Courts for disbursement to the victims.
The indictments followed a criminal referral by the Ohio Department of Commerce’s Division of Securities.
This case was presented by Franklin County Prosecutor, G. Gary Tyack, and Assistant Prosecuting Attorney Robert Lang.
Before investing, the Division of Securities encourages potential investors to call the Division’s Investor Protection Hotline at 877-683-7841 to ask:
• Is the securities professional, platform, or firm properly licensed in Ohio?
• Is the security being promoted by the firm, platform, or individual registered for sale in Ohio?
• Are there any enforcement actions involving the firm, platform, professional or security being promoted?
The Division of Securities is part of the Ohio Department of Commerce, Ohio’s chief regulatory agency. The Department is focused on promoting prosperity and protecting what matters most to Ohioans. To learn more, visit com.ohio.gov.