Ex-Lebanon business owner indicted for securities fraud, theft of $1.3M

Credit: Nick Graham

Credit: Nick Graham

A former Lebanon business owner has been indicted on multiple counts of securities fraud and aggravated theft charges as a result of a joint state and county investigation.

A Warren County grand jury has indicted Patrick Noel Thayer, 47, of Lebanon, on two charges of securities fraud, a first- and second-degree felony; and one count each of aggravated theft, a second-degree felony; telecommunications fraud, a first-degree felony; and identity fraud, a second-degree felony, according to the Warren County Prosecutor’s Office.

Thayer is not in custody and is scheduled to be arraigned at 8:30 a.m. June 30 in Hearing Room E of the Warren County Common Pleas Court.

Prosecutors allege that Thayer defrauded a Warren County woman and stole more than $1.31 million from her investment proceeds. Thayer is the former owner of Broadway Financial Solutions, a tax preparation service in Lebanon. He also worked as a securities salesperson for various brokerage firms and was later licensed as an investment adviser, according to the prosecutor’s office.

Prosecutors also allege that in 2013, Thayer used the victim’s personal identifying information to open a new bank account in her name without her knowledge or consent. They say Thayer then began selling securities from the victim’s brokerage account and transferred the proceeds to the newly opened bank account which he controlled.

Thayer utilized the funds from the newly opened bank account 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, according to the prosecutor’s office. The victim became aware of the fraud in 2022 when she was contacted by the IRS about the bank account that Thayer had opened in her name.

The prosecutor’s office said the indictment is the result of an Investigation by the Ohio Department of Commerce, Division of Securities, and the Warren County Prosecutor’s Office.

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