Dayton-Area Couple Indicted on Nearly 200 Counts of Securities Fraud

COLUMBUS, Ohio - The Ohio Department of Commerce Division of Securities announced today that a Montgomery County grand jury has indicted a Dayton-area couple on nearly 200 counts related to securities fraud.

The indictments allege that Wayne T. Essex, 70, and his wife, Susan Essex, 67, sold over $11 million in fraudulent investments to more than 25 investors between 2020 and 2025. All but one of the victims are Ohio residents. These actions violated a permanent injunction issued against Wayne Essex in 2012 by the Montgomery County Court of Common Pleas, which prohibited him from selling securities without court approval.

Details of the Charges:

Wayne T. Essex, who operated a tax preparation company in Centerville, faces 189 felony counts that range from first- to fourth-degree felonies. Charges include securities fraud, false representation in the sale of securities, unlicensed sale of securities, theft from a protected class, telecommunications fraud, and money laundering.

Susan Essex, a realtor with an office in Lebanon, faces six felony counts, including securities fraud, unlicensed sale of securities, theft, and money laundering. Those counts range from third- to fourth-degree felonies.

The couple was arrested Thursday, Oct. 16. They are currently being held in the Montgomery County jail pending arraignment.

The investigation, led by the Division of Securities with assistance from the Ohio Bureau of Criminal Investigation Investigative and Cybercrimes Units, found that the couple allegedly misused investor funds for personal purchases and to pay back earlier investors, instead of for the promised real estate investments.

"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."

In 2012, the Montgomery County Court of Common Pleas issued a permanent injunction against Wayne Essex, barring him from selling securities and engaging in deceptive practices. This followed allegations of similar fraud involving companies he owned and managed.

Earlier this year, in response to a civil complaint filed by the Director of the Ohio Department of Commerce, the court appointed a receiver, Mark Dottore, to take control of the assets owned by the Essexes and their businesses. The receivership aims to recover funds for the affected investors.

Information for Investors and Clients:

• Impacted Investors: If you have invested with Wayne or Susan Essex or their businesses, please contact the Division of Securities at 614-644-7381 for assistance.
• Clients of Essex and Associates: For questions regarding tax services or the receivership, please contact the receiver, Mark Dottore, at 216-771-0727 or [email protected].

The case is being prosecuted by the Montgomery County Prosecutor's Office. An indictment is a formal charge and is not a finding of guilt.

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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.