Southwest Ohio man sentenced to prison for stealing more than $1 million in identity fraud case

LEBANON — A southwest Ohio man was sentenced Thursday to 15 years in prison for admitting to fraud for posing as an investment adviser representative as well as two other felonies.

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Patrick Thayer, 48, of Lebanon, pleaded guilty to second-degree felony counts of unlawful securities practices, aggravated theft, and identity fraud.

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

“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,” said Andrea Seidt, Ohio Securities commissioner.

Warren County Assistant Prosecutors John Arnold and Katie Horvath presented the criminal case.

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

He 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 that included a down payment on his home, mortgage payments, car loans, and credit card expenses.

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County Common Pleas Judge Timothy N. Tepe also ordered Thayer to pay more than $1.02 million in restitution to the victim. Tepe said he made his determination after factoring in the restitution previously paid by Thayer.

If you are a potential investor, the state’s division of securities, part of the Ohio Department of Commerce, suggests that you first call the Division’s Investor Protection Hotline at 877-683-7841 and 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?

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