Summit County man pleads guilty to securities fraud and theft
Mark E. Cantwell, a resident of Norton, Ohio, pleaded guilty in Summit County Common Pleas Court recently to four felony counts involving securities fraud, misrepresentations in the sale of securities and theft.
As part of his plea, Cantwell paid full restitution at sentencing in the amount of $91,500 to his two victims.
Summit County Common Pleas Judge Kathryn Michael sentenced Cantwell to three years of probation and ordered him to pay a $5,000 fine, plus court costs. If Cantwell does not fulfill the requirements of probation, he could be sentenced to a prison term of up to 4.5 years.
Cantwell was indicted April 10, 2023, in Summit County Common Pleas Court on 16 felony criminal counts, including securities fraud, misrepresentations in the sale of securities and grand theft.
The indictment alleged that Cantwell solicited two individuals to invest $91,500 in his company, Property Renovation Group, LLC in exchange for promissory notes issued by Cantwell’s businesses. Cantwell allegedly told investors their funds would be used for purchasing, rehabilitating and selling real estate for a profit; however, portions of their investments were instead transferred into his personal bank account and used for personal expenses and expenses unrelated to the business.
The indictments followed a criminal referral by the Ohio Department of Commerce’s Division of Securities. The case is being prosecuted by the Office of the Summit County Prosecutor Elliot Kolkovich.
“No one has the right to steal someone else’s hard-earned money. We are committed to rooting out fraud in our markets and holding bad actors responsible for their actions,” said Ohio Securities Commissioner Andrea Seidt. “It is encouraging to see the victims in this case recoup their losses, as that type of recovery can be rare in investment schemes like this.”
Before investing, the Division of Securities encourages potential investors to call the Division’s Investor Protection Hotline at 877-683-7841 to ask the following questions:
• Is the securities professional, platform or firm properly licensed to do business in Ohio?
• Is the security being promoted by the firm, platform or the professional registered for sale in Ohio?
• Are there any enforcement actions involving the firm, professional, platform or securities product being promoted?
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