Crawford County Couple Indicted on 19 Criminal Counts Including Securities Fraud, Theft From Elderly

BUCYRUS, Ohio -The Ohio Department of CommerceDivision of Securities announces that Barbara E. Armstrong and her husband Thomas J. Armstrong were indicted by a Crawford County Grand Jury on Sept. 24 on 19 criminal counts, including Securities Fraud, Sale of an Unregistered Security, Theft from the Elderly, and Telecommunications Fraud. The indictment follows an investigation and referral from the Ohio Division of Securities.

The indictment alleges that from at least May 2017 through July 2021, the Armstrongs, acting in concert with one another, solicited at least five Crawford County residents and two Florida residents to invest over $750,000 in promissory notes issued by their company, 5 Star Development of Ohio, LLC, for the purchase, renovation, and/or resale of residential homes.

In addition, the indictment alleges the promissory notes were not properly registered with the Division for sale in or from Ohio, and that the Armstrongs misappropriated investor funds for their own personal use.

The Armstrongs will be arraigned in Crawford County later this month. Thomas Armstrong is scheduled to be arraigned on Oct. 21, and Barbara Armstrong is scheduled to be arraigned on Oct. 28.

"Our division remains steadfast in its commitment to protecting Ohioans from these types of fraudulent schemes," said Ohio Securities Commissioner Andrea Seidt. "It is always disheartening to see individuals exploit the trust of their community for personal gain. We will continue to pursue justice for those affected by these types of deceitful actions."

Ohioans with any questions or concerns about investments or financial advisors should contact the Division of Securities at 614-644-7381, [email protected], or by completing its online contact form here.

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About the Division of Securities

The Division of Securities is part of the Ohio Department of Commerce. The department is Ohio's chief regulatory agency, focused on promoting prosperity and protecting what matters most to Ohioans. We ensure businesses follow the laws that help them create jobs and keep Ohioans safe. To learn more about what we do, visit our website at com.ohio.gov.