MIAMI COUNTY — A Miami County man is facing felony charges after he allegedly lied to investors about the properties they bought from him.
Frederick Clark, 84, of Bradford pleaded guilty to four felony counts of grand theft last week, according to a media release.
Following an investigation by the Ohio Department of Commerce’s Division of Securities, Clark was indicted in April 2022 on a total of 16 counts including grand theft, securities fraud, misrepresentation during the sale of a security, acting as an unlicensed securities dealer, and unregistered sale of a security.
Clark sold promissory notes for the purpose of purchasing, rehabilitating, and either renting or selling homes in the Dayton area.
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Most of Clark’s business operations took place in Troy but he later opened an office in Dayton to collect rent and manage properties.
He is accused of lying to investors to entice them to invest.
He allegedly failed to disclose that the acquisition of properties was under land contracts rather than obtaining clear titles to the properties.
Prosecutors said Clark would move funds between his multiple accounts in Ohio and Flordia.
Before investing, the Department of Commerce urged 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 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?
Clark will appear in court for a restitution hearing on Sept. 28.