A Cincinnati man has been sentenced to 40 years in prison for securities fraud.
Authorities Jasen Snelling was convicted of fraud and theft for stealing from investors. Snelling sold unregistered securities and used victims' funds for personal expenses rather than investments, according to authorities.
"Congratulations to Franklin County Prosecutor Mel Wilhelm on this tremendous victory," said Secretary Lawson. "This sentencing showcases cooperation between state and local officials. Securities fraud is a serious crime and by working together we can root out more fraud and abuse and stop these schemes before investors lose millions. While we are pleased with today's sentencing, we will continue to aggressively pursue this case in criminal courts, civil courts or administrative proceedings, if necessary, in order to hold all those accountable who contributed to the financial losses and deep sorrow of these victims."
Snelling wasn't registered to sell securities and he didn't register the securities sold, which is required by Indiana law. Authorities say he sold the unsecured securities under company names CityFund Advisory and Dunhill Investments in Franklin and Dearborn Counties.
Investors lost more than $3 million in the scam.
Snelling is serving 10 years in a federal penitentiary after a plea deal with the United States Attorney for the Southern District of Ohio. He was also given six years in prison after pleading guilty to securities fraud in Dearborn County.