Ohio Investor Recovery Fund has more than $3.6M left

Since the Ohio Department of Commerce’s Division of Securities announced its launch a year ago, the Investor Recovery Fund has provided more than $1.3 million in relief to Ohio investors who were victimized by the perpetrators of investment schemes.
 
The fund now has $3.6 million left, and the Division can add up $2.5 million each year. All the money for the fund comes from the Division’s excess operating revenue. No taxpayer dollars are used.
 
The fund has helped victims such as Darlene Partin in the Dayton area.
 
“Don’t pass anything up. Fill out the application. You have nothing to lose. It is a blessing that we got the money. We didn’t think we were going to get anything at all,” said Partin, whose family was impacted by the Franklin County criminal conviction of Luke Westerman, who operated Solomon Global Holdings, Inc. and solicited investments under the guise that he was managing private equity portfolio companies.
 
The fund was created by the Ohio Legislature, signed into law by Gov. Mike DeWine, and became effective Sept. 30, 2021.
 
“Recovering from investment fraud can be more challenging when you have a mortgage, car payments and basic necessities of life that need immediate attention,” said Ohio Securities Commissioner Andrea Seidt. “The purpose of the investor recovery fund is to help these victims cover those expenses and give them a little space and time to determine their next steps.”
 
Applicants who meet all eligibility criteria can be awarded relief in amounts not to exceed 25 percent of their loss or $25,000, whichever is less.
 
To be eligible for relief, the victim must be:
 
• An Ohio resident who has suffered a monetary loss as the result of a violation of the Ohio Securities Act or any rules adopted thereunder,
 
• Identified in a final administrative order issued by the Division of Securities or a final court order in a civil or criminal proceeding initiated by the Division. (The final order against the defendant must be filed on or after Sept. 30, 2021.), and
 
• Meet all additional eligibility requirements set forth by statute and rule.
 
For more information and a complete list of eligibility requirements for the Investor Recovery Fund, visit the Ohio Investor Recovery Fund page at com.ohio.gov/irf or by calling the Division of Securities at (614) 644-7381.