LEBANON, Ohio — A former Lebanon business owner has been indicted on fraud charges after allegedly defrauding a woman out of $1.31 million in investment proceeds, according to a press release from the Warren County Prosecutor's Office.
Prosecutor David Fornshell said 47-year-old Patrick Thayer has been indicted by a grand jury on two counts of securities fraud, one count of aggravated theft, one count of telecommunications fraud and one count of identity fraud.
According to the press release, Thayer is the former owner of Broadway Financial Solutions, a tax preparation service in Lebanon. In the past, he worked as a securities salesperson for brokerage firms and was licensed as an investment adviser, prosecutors said.
The Warren County Prosecutor's Office said Thayer used a woman's personal information to open a new bank account in her name without her knowledge or consent in 2013. He then began allegedly selling securities from the woman's brokerage account and transferred the proceeds to the new bank account he'd opened.
From there, Thayer used the funds in that account to pay for a wide range of personal expenses. Thayer used the woman's money for a down payment on his home, mortgage payments, car loans, credit card expenses and bought a tiny house in Colorado for a family member, prosecutors said.
The woman discovered the fraud when she was contacted by the IRS in 2022 about the account Thayer opened.
Thayer is scheduled to be in court for an arraignment on June 30.
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