Lebanon investment adviser sentenced for stealing more than $1M from elderly woman

A Lebanon man was sentenced Monday to 15 years in prison and ordered to pay more than a million dollars in restitution to the victim after being convicted in Warren County Common Pleas Court.

Warren County Prosecutor David P. Fornshell said Patrick Noel Thayer, 48, of Lebanon, received a five-year prison term for each charge to be served consecutively for securities fraud, aggravated theft, and identity fraud, all second-degree felonies. In addition, Thayer was also ordered to pay a balance of $1,025,235.13 in restitution to the victim.

Thayer entered guilty pleas to the charges in August.

Fornshell said Thayer defrauded the victim, a Warren County woman, and stole over $1.31 million from her investment proceeds. He said Thayer operated a tax preparation service, known as Broadway Financial Solutions in downtown Lebanon. Thayer also worked as a securities salesperson for various brokerage firms and was later licensed as an investment adviser, according to Fornshell.

Fornshell said in 2013, Thayer opened a bank account in the victim’s name without her knowledge or consent. He said Thayer then began selling securities from the victim’s brokerage account and transferred the proceeds to the new bank account, from which he used the proceeds for his own personal expenses, including a down payment on his home, mortgage payments, car loans, credit card expenses, as well as the purchase of a tiny house in Colorado for a family member. The victim became aware of the fraud in 2022 when she was contacted by the IRS about the bank account that Thayer had opened in her name.

The Ohio Department of Commerce, Division of Securities investigated the case and referred it to the Warren County Prosecutor’s Office for prosecution.

Fornshell advises residents that before investing, potential investors are encouraged to call the Securities Division’s Investor Protection Hotline at 877-683-7841 to find out if the person is properly licensed to sell securities and if there are any enforcement actions involving the person or the product being promoted.

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