Local business raided during ‘Ponzi scheme' investigation
DAYTON, Ohio (WDTN) — Search warrants were executed on a local business Thursday, as part of an investigation into an alleged Ponzi scheme.
Ohio BCI executed search warrants on Essex and Associates, a financial firm in Washington Township. The search happened Thursday afternoon on Paragon Road.
Portion of downtown Dayton becoming 'NATO Village' in May
A spokesperson with BCI told 2 NEWS that this is part of an investigation led by the Ohio Department of Commerce.
Documents from the Montgomery County Common Pleas Court allege the firm was engaging in a 'classic Ponzi scheme fashion' — using investors' funds to pay back other investors.
Court documents also allege the business used those funds for personal use — including buying a $200,000 Mercedes-Benz.
In total, the documents allege the firm used over $4.2 million of unlawful securities offerings.
2 NEWS is working to learn more.
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