His wife, Susan Essex, 67, is facing six counts.
The Essexes owned and operated Essex and Associates, a Washington Twp. accounting and tax preparation business, according to the Montgomery County Prosecutor’s Office.
From 2020 through 2025, the Essexes reportedly offered to sell investments in properties in Florida and other locations with an expected average 10% annual return.
Instead, the couple used the funds on personal expenses, including $1.7 million on real estate and a new home and $200,000 on a new Mercedes, said Montgomery County Prosecutor Mat Heck Jr.
They also spent the money on payroll, personal taxes, IRS penalties, gifts for family members, travel, jewelry, chef services and dining.
The prosecutor’s office has identified 25 victims who invested nearly $11.5 million.
Heck called the Essex’ actions “simple greed,” noting many of their victims were seniors or people they knew from church.
“It’s just so basically wrong,” he said.
Some of their victims have been refunded, but there’s still more than $8 million in missing funds.
Heck also said there may be additional victims. He asked anyone who thinks they may have been a victim or who invested with the Essexes between 2000 and 2025 to contact the Ohio Department of Commerce Division of Securities’ Investor Protection Hotline at 877-683-7841 or 614-644-7381.
In 2012 the Ohio Department of Commerce reportedly filed a civil lawsuit against the couple for similar activity.
A permanent injunction was issued barring Wayne Essex and his associates from selling, offering to sell or otherwise issue securities or offer investments for the rest of his life, according to the prosecutor’s office.
Heck said the Essexes were operating under the radar, but once the Ohio Department of Commerce realized what they were doing the agency began investigating the couple and built a case.
“Protecting Ohio investors is a top priority for the Ohio Division of Securities,” said Ohio Securities Commissioner Andrea Seidt. “These indictments send a clear message that fraudulent financial schemes and violations of court orders will not be tolerated in our state.”
The Essexes are scheduled to be arraigned Tuesday. They were arrested Thursday morning.
Wayne Essex faces charges including telecommunications fraud, false representation in the sale of securities, unlicensed sale of securities, securities fraud, issuing false statements as to the value of securities, theft from a protected class, grand theft, aggravated theft and money laundering.
Susan Essex faces charges of grand theft, money laundering, securities fraud, false representation in the sales of securities and unlicensed sale of securities.
She is also a Realtor with an office in Lebanon.
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