$1.31M stolen from woman’s investment proceeds by former Lebanon business owner: Prosecutor
LEBANON, Ohio (WXIX) - More than $1.31 million stolen from a Warren County woman’s investment proceeds has led to the indictment of a former Lebanon business owner.
Patrick Thayer, 47, of Lebanon, used the woman’s identity in 2013 to open a bank account in her name without her knowledge, according to Warren County Prosecutor David Fornshell.
Thayer, who once owned the tax preparation service Broadway Financial Solutions, then started selling securities from the victim’s brokerage account and transferred the proceeds to the newly opened bank account he controlled, Fornshell explained.
The 47-year-old was a licensed investment advisor and even worked as a securities salesperson for several brokerage firms, the prosecutor mentioned.
Fornshell said Thayer used the funds from the bank account he created for his personal expenses:
- Down payment on his home
- Mortgage payments
- Car loans
- Credit card expenses
- Bought a “tiny house” in Colorado for a family member
It was not until 2022 that the woman found out she was a fraud victim.
She was contacted by the IRS about the bank account that Thayer opened nearly a decade earlier in her name, according to Fornshell.
He was indicted for the following charges:
- Securities fraud (two counts)
- Aggravated theft
- Telecommunications fraud
- Identity fraud
Thayer is scheduled to appear in court on June 30.
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