A Butler Township couple has been indicted on multiple felony counts related to an alleged $11.5 million Ponzi scheme
Prosecutors say Wayne T. Essex, 70, and his wife, Susan Essex, 67, used their business, Essex and Associates, to sell investments in property in so-called "opportunity zones" around the country.
"Most buyers were told they could expect on average a 10% annual return on their investments," Montgomery County Prosecutor Mat Heck Jr. said in a statement. “Those investments however, were used for personal expenses and to pay other investors in a classic Ponzi scheme.”
More than 25 victims, most described as elderly members of the defendants’ church, have been identified.
“These defendants took advantage of people from their church by promising them a nice return on their investment," Heck said, "and instead took the money and paid for their own expenses, such as a $200,000 Mercedes, and spent $70,000 on dining out! The defendants will now be held accountable for their actions and potentially face very lengthy prison sentences.”
The Ohio Department of Commerce and Heck’s consumer fraud unit investigated the claims.
The Essexes face 188 counts, including false representation in sale of securities, the unlicensed sale of securities and securities fraud.
Heck’s office said victims invested nearly $11,500,000, and while some had been refunded, more than $8,000,000 in investments is still missing.
The couple was arrested Thursday, Oct. 16, 2025, and are currently being held in the Montgomery County Jail pending arraignment.
The couple faced similar allegations in 2012 from the Ohio Department of Commerce, which filed a civil suit against them.
That court issued a permanent injunction barring Wayne Essex and his associates "from ever selling, offering to sell, or otherwise issuing securities or offering investments for the rest of his life."
Defendant Wayne Essex has been indicted for:
• 12 counts Telecommunications Fraud >$1,000,000
• 39 counts False Representation in Sale of Securities
• 37 counts Unlicensed Sale of Securities
• 37 counts Securities Fraud
• 21 counts Issuing False Statement as to Value of Securities
• 20 counts Theft from Person in Protected Class
• 12 counts Grand Theft
• 10 counts Aggravated Theft
• 1 count Money Laundering
Defendant Susan Essex has been indicted for:
• 2 counts Grand Theft
• 1 count Money Laundering
• 1 count Securities Fraud
• 1 count False Representation in Sale of Securities
• 1 count Unlicensed Sale of Securities
