A Celina man has been indicted on 96 charges, which include a range of fifth- to first-degree felonies. The charges against him are for securities fraud, telecommunications fraud, and theft. The man is accused of defrauding Ohioans out of over $1.2 million.
The Ohio Department of Commerce Division of Securities recently released a statement revealing that Christopher Wendel, a previous broker, had deceived and solicited more than $1.2 million from ten Ohio residents, including elderly individuals, between 2019 and 2021. Wendel had falsely represented his company, Buckeye Income Fund, LLC, to lure in investors.
Currently, Wendel is in custody at the Mercer County Jail after being arrested on Sunday. His arraignment and bond hearing are pending.
As per the news release, Wendel was prohibited from associating with FINRA members in any capacity in May 2018. This was after he engaged in private transactions without his employer’s approval and provided false responses during FINRA’s investigation. As a result, FINRA enforced a permanent bar on Wendel, preventing him from acting as a broker or associating with a broker-dealer firm.
When you visit FINRA’s BrokerCheck website and look up Wendel’s profile, you can see a detailed timeline of his career as a broker. According to the timeline, in August 2019, the Division of Securities accused Wendel of selling securities even after his license was terminated and selling unregistered securities. Additionally, the timeline shows that Wendel worked at SA Stone Wealth Management Inc. from 2014 to 2017. An investigation was conducted in April 2017, and Wendel was let go from the company in September 2017 because of these allegations.
According to a press release by the Ohio Division of Securities, individuals are strongly advised to check the credentials of their financial advisor and verify the investment opportunity presented to them before making any investment decisions. Ohio Securities Commissioner Andrea Seidt urges individuals to report any suspected cases of fraud immediately to the Ohio Division of Securities.
If you’re an investor with doubts or queries, you can get in touch with the Division of Securities via their investor protection hotline at 877-683-7841, the general number at 614-633-7381.