Former investment adviser guilty of 16 felony counts in Miami County

Piqua man pleaded no contest just before scheduled trial, could face up to 83 years in prison

TROY — A Piqua man accused of engaging in a pattern of corrupt activity, theft and misrepresentation in the sale of securities pleaded no contest Monday to 16 felony charges in Miami County Common Pleas Court.

Scott A. Fries, 55, could face up to 83 years in prison. He made the pleas instead of going on trial this week on an indictment that included more than 40 felonies involving funds or securities with losses to several victims.

He has agreed to pay $418,000 in restitution.

Fries was accused of engaging in illegal activities while acting as an investment adviser between 2014 and 2019.

Credit: Miami County Jail

Credit: Miami County Jail

The engaging in a pattern of corrupt activity charge was against Fries individually and the Fries Financial Group. That charge included a specification for the forfeiture of a house at 3300 Sioux Drive in Piqua.

Fries pleaded no contest and was found guilty by Judge Stacy Wall of corrupt activity, filing false reports, misrepresentation in the sale of securities, securities fraud, theft from a person in a special class (elderly), grand theft, fraudulent conduct as an investment adviser and aggravated theft.

Fries answered questions from the judge during the court hearing but made no additional comments.

He is free on bail pending a pre-sentence investigation and sentencing. A sentencing date will be set.

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