2 southwestern Ohio men sentenced for nearly $800K theft
Ryan R. Goldschmidt, 39, of Cincinnati, and Aaron Pitman, 35, of Morrow, were recently sentenced to five years of community control, 90 days in jail and to pay $796,000 in restitution.
The two previously pleaded guilty in September to two third-degree felonies for aggregated theft; and two second-degree felonies for telecommunications fraud and unlawful securities practices.
The jail sentence for Goldschmidt was deferred for six months pending payment of restitution. Goldschmidt deposited $150,000 prior to sentencing for partial restitution payments.
Pitman was ordered to serve 45 days in jail with the additional 45 days suspended pending the payment of restitution. Warren County Common Pleas Court Judge Donald Oda ordered that the bond in the amount of $50,000 be released and used toward restitution to the victims.
Following an investigation by the Ohio Department of Commerce’s Division of Securities with the Ohio Attorney General Bureau of Criminal Investigation’s forensic accounting team, Goldschmidt and Pitman were indicted in October 2022.
The case was prosecuted by Warren County assistant prosecutors John Arnold and Kathryn Horvath.
Goldschmidt and Pitman were alleged to have defrauded investors through multiple business entities including making misrepresentations to multiple victims to induce them to invest in a medical marijuana grow operation that was claimed to be operating in California, as well as a CBD oil cartridge manufacturing business.
Neither Goldschmidt nor Pitman was licensed to sell securities to investors in the state of Ohio and despite their representations to investors, neither has prior extensive experience in the business of licensing, cultivating or selling medical marijuana or CBD oil cartridges.
About $796,000 in investor funds were deposited into Warren County bank accounts controlled by the defendants. The money was used for personal expenses. In some cases, investor funds were diverted to pay off prior lawsuits or to make payments to friends.
Before investing, potential investors are encouraged 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?