Warren County man sentenced to 15 years for $1.3M theft

Patrick Thayer of Lebanon was sentenced to 15 years in prison after pleading guilty to three second-degree felony counts for fraud as an investment adviser representative, aggravated theft and identity fraud.

Following an investigation by the Ohio Department of Commerce’s Division of Securities, Thayer was indicted in June on charges of taking more than $1.31 million from a Warren County woman.

“Every dollar taken by fraud hurts families and law-abiding businesses in Ohio. Today’s sentence confirms that the Division and its law enforcement partners are committed to making Ohio a safe environment where investors and industry professionals can grow and prosper,” Ohio Securities Commissioner Andrea Seidt said.  

The case was presented by Assistant Prosecutors John Arnold and Katie Horvath in the Office of the Warren County Prosecutor, David Fornshell.

In 2013, Thayer opened a bank account in the victim’s name without her knowledge or consent. Thayer then began selling securities from the victim’s brokerage account and transferred the proceeds to the new bank account, where he used them for personal expenses, including a down payment on his home, mortgage payments, car loans and credit card expenses.

Judge Timothy N. Tepe of Warren County Common Pleas Court ordered Thayer to pay more than $1.02 million in restitution to the victim after factoring in the restitution previously paid.

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?