Court orders receivership related to Dayton couple’s alleged misuse of investor funds
The Ohio Department of Commerce Division of Securities announces that the Montgomery County Court of Common Pleas has ordered the appointment of a receivership over the assets owned by a Dayton-area couple and their associated business entities.
The receivership was ordered to help ensure a recovery of unlawfully acquired assets as a result of alleged fraudulent securities sales and misuse of investors’ assets by Wayne T. Essex and his wife, Susan Essex.
The appointment of the receiver was granted following a request from the Division of Securities for alleged activities on the part of these individuals and entities performed in violation of a previously issued permanent injunction related to similar allegations over a decade ago.
In particular, the complaint alleged that Wayne Essex and his cohorts unlawfully sold unregistered, nonexempt securities to investors and misappropriated investors’ funds for their own personal use. In addition, Wayne Essex allegedly falsely told investors their investment proceeds would be used to purchase real estate investment properties; however, investor funds were used to make personal purchases and pay back earlier investors. Investigators determined that Wayne Essex allegedly sold over $4.2 million in unlawful securities offerings to at least 16 investors.
In 2012, the Montgomery County Court of Common Pleas issued an Agreed Entry for Preliminary and Permanent Injunction prohibiting Essex and his companies from selling and offering to sell securities without prior approval from the court and further prohibiting him from engaging in deceptive, fraudulent or manipulative acts and practices in the sale of securities. The 2012 injunction followed a civil complaint filed by the Division alleging Essex and his companies engaged in similar fraud and misappropriation in the sale of investments in the Dayton Small Business Capital Fund, which was owned and managed by Essex.
The following companies are listed in the current complaint: Essex & Associates, Inc., Salty Seas Siesta, LLC, Opportunity Zone Investment Fund, Inc., Fin Tech Group, Inc., Trinity Accounting Services, Inc. and Blue Sail Investments, Inc.
Clients of Essex and Associates should contact the receiver, Mark Dottore, at (216) 771-0727 or info@dottoreco.com regarding any questions related to the business and any services in process. Any impacted investors who may have engaged with the Essexes or their businesses are encouraged to contact the Division of Securities at (614) 644-7381 for assistance.
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