Headlines 12 April 2023

Miami County resident sentenced on multiple securities, fraud and theft charges

By
Ohio Department of Commerce, Press Release

Scott Fries was sentenced Monday by Miami County Court of Common Pleas Judge Stacy Wall to three years in prison and ordered to pay restitution in the aggregate amount of $408,947 for allegedly stealing money from eight Ohio victims through the sale of securities. He was also ordered to pay court costs.
 
Fries, of Piqua, pleaded no contest and was found guilty last October to 16 felony charges, including securities fraud, deceptive conduct, grand theft, and engaging in a pattern of corrupt activity.
 
He was indicted in November 2021 on 44 felony counts, including:

• One count of engaging in a pattern of corrupt activity;

• Seven counts of misrepresentations in the sale of securities;

• Seven counts of securities fraud;

• Nine counts of providing false account statements;

• Seven counts of fraudulent and deceptive conduct as an investment adviser representative;

• Eight counts of grand theft;

• Four counts of theft from a person in protected class (elderly); and

• One count of aggravated theft.
 
The indictment alleged Fries 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 alleged activity began in March 2014 and continued until June 2020.

The indictments followed a criminal referral by the Ohio Department of Commerce’s Division of Securities.
 
This case was presented by First Deputy Prosecuting Attorney Paul Watkins and Assistant Prosecuting Attorney Matthew Joseph, both with the Office of the Miami County Prosecutor Anthony Kendell.

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 to do business in Ohio?

• Is the security being promoted by the firm, platform or the professional registered for sale in Ohio?

• Are there any enforcement actions involving the firm, professional, platform or securities product being promoted?

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