- 2000
Defendant, a registered investment adviser, received approximately $2,751,828 from 83 investors, primarily elderly and retired persons, for the purpose of investing in real estate development. The “investments” were in the form of promissory notes from Ohio Estate Group, a corporation that defendant controlled. The majority of the money was ultimately used instead for office rent, payroll, business and personal expenses. Only $547,000 was invested in real estate development. Respondent was barred from the industry and also criminally convicted, sentenced to 57 months imprisonment.
