Local man pleads guilty to securities fraud and theft

LEBANON, Warren County — A Warren County man has been sentenced to 15 years in prison for charges related to fraud and theft, a spokesperson for the Warren County Prosecutors office said.

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Patrick Noel Thayer, 48, was sentenced on charges of securities fraud, aggravated theft, and identity fraud.

He also must pay a restitution balance of $1,025,235.13 to the victim, the spokesperson said.

Thayer defrauded a Warren County woman and stole over $1.31 million from her investment proceeds.

He claimed to operate a tax preparation service in downtown Lebanon, known as Broadway Financial Solutions.

He also worked as a securities salesperson for different brokerage firms and was later licensed as an investment adviser, the spokesperson said.

A decade ago in 2013, Thayer opened a bank account in the victim’s name without her knowledge or consent.

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He began selling securities from the victim’s brokerage account and transferred the proceeds to the new bank account.

These funds were used for his own personal expenses, including a down payment on his home, mortgage payments, car loans, credit card expenses, as well as the purchase of a tiny house in Colorado for a family member, the spokesperson said.

The victim became aware of the fraud in 2022 when the IRS contacted her about the bank account that Thayer opened in her name.

The Ohio Department of Commerce and Division of Securities investigated the case and referred it to the Warren County Prosecutors Office.

Those interested in investing are encouraged to call the Securities Division’s Investor Protection Hotline at 877-683-7841 to find out if the person is properly licensed to sell securities and if there are any enforcement actions involving the person or the product being promoted.

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