State Representative Peter Beck has been indicted on 16 counts of felony securities fraud and theft. Tana Weingartner of Ohio Public Radio member station WVXU has the story.
If convicted the republican from Mason in suburban Cincinnati could face up to 102 years in prison. The charges allege Beck and his partner, John Fussner used money meant for business purposes for personal matters. Ohio Attorney General Mike DeWine says the pair knew the company was insolvent and deceived investors to keep it afloat.
DeWine: “Investors lost $200,000. As I indicated the indictments stem from a referral by the Ohio Department of Commerce, Division of Securities. Let me just add that this is an ongoing investigation. The investigation is not complete and there is the possibility of additional charges in the future.”
Earlier this year, investors sued Beck accusing him and others of misusing $1.2 million dollars. Beck’s attorney says the charges are unsupported and they will mount a “vigorous defense” but he did not comment after the indictment.
The Hamilton County grand jury also indicted John Fussner on seven felony securities fraud charges. He could face up to 43 years in prison if convicted.