Ex-Miami County man, 84, sentenced for investment fraud against multiple people

Frederick Clark gets probation, community service, and must pay restitution of $59,600; Judge calls it ‘violation of trust of all these people’

TROY — A former Miami County resident was sentenced Thursday to five years of probation and restitution on grand theft charges involving fraud in property investments.

Frederick Clark, 84, formerly of Bradford and now of North Carolina, was sentenced in Miami County Common Pleas Court by Judge Stacy Wall. He pleaded guilty in September to the four felonies while other charges of securities fraud, misrepresentation during the sale of a security, acting as an unlicensed securities dealer and unregistered sale of a security were dismissed.

Clark was charged with making false representations to investors to induce them to invest and failing to disclose that the acquisition of properties was under land contracts rather than obtaining clear titles to the properties. Wall earlier heard testimony from five people who said they provided investment money to Clark, but did not receive full payment.

Clark was ordered to complete five years of probation and 160 hours of community service along with paying restitution of $59,600.

Wall said Clark had worked in the real estate business since 1965 and was aware of requirements for licenses, some which were not obtained. He apologized for his actions.

“The issue is the violation of trust of all these people,” Wall said. “You need to make restitution ... to show your word means something.”

About the Author