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8 Monetary Managers Indicted in $72M Scheme

8 Monetary Managers Indicted in $72M Scheme


What You Have to Know

  • The defendants, primarily based in Toledo, Ohio, scammed a minimum of 200 shoppers, based on prosecutors.
  • One of many defendants is a barred dealer and former RIA.

Eight managers of a Lucas County, Ohio funding agency had been indicted on a number of felonies for his or her roles in a decade-long scheme, dishonest a minimum of 200 shoppers out of $72 million, based on an indictment filed within the county’s Court docket of Widespread Pleas in Toledo; Dave Yost, Ohio legal professional common; and Sherry Maxfield, Ohio Division of Commerce director.

One of many managers, Gary Rathbun, was a dealer barred by the Monetary Trade Regulatory Authority on Could 17, 2016, based on his report on the regulator’s BrokerCheck web site. He’s additionally a former registered funding advisor.

Rathbun was permitted to resign from Triad Advisors whereas underneath inner assessment for violating the agency’s coverage on personal securities transactions, based on one other disclosure on his report. Royal Alliance Associates was among the many different 4 corporations for which he labored as a dealer in his 27-year profession.

Each of these corporations are a part of Advisor Group, which declined to remark Wednesday.

Within the indictment filed final week, Rathbun was charged with 37 felonies. The opposite seven managers charged had been: James DelVerne (93 felonies), Doug Miller (39 felonies), Colleen Corridor (10), Nancy Rathbun (7), Adam Solon (7), John Walters (6) and Brad Konerman (5).

The felony fees included participating in a sample of corrupt exercise, illegal securities practices, telecommunications fraud, aggravated theft, perjury, cash laundering and several other different monetary fees, Yost and Maxfield stated in a press launch on Tuesday.

Seven defendants had been arrested Tuesday and the eighth was “within the technique of turning himself in,” based on Yost and Maxfield. The indictment was unsealed following the arrests.



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