MONTGOMERY COUNTY — A local couple is facing charges after prosecutors say they defrauded investors of millions of dollars in an apparent Ponzi scheme.
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Wayne T. Essex and his wife, Susan Essex, were arrested and indicted by a Montgomery County grand jury on charges on Thursday.
While Susan is facing six charges, including securities fraud and money laundering, Wayne is facing 186 felony counts, including securities fraud, false representation in the sale of securities, unlicensed sale of securities, theft from a protected class, telecommunications fraud, and money laundering.
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In a press conference, prosecutors detailed a months-long investigation. Part of that probe was back in February when state agents served a search warrant at their office in Washington Township.
At that point, court action in the cast had only ever been civil. Today, the case turned criminal, and prosecutors said it comes down to one thing: greed.
“I would call it simple greed. It’s as simple as that,” Montgomery County Prosecuting Attorney Mat Heck, Jr. said.
Investigators said between 2020 and this year, the couple took more than $11 million from more than 25 clients. They were supposed to have invested that money.
Instead, they’re accused of using the money for business and personal expenses, including payroll and Internal Revenue Service (IRS) penalties related to their business, a new home, travel, a new Mercedes, jewelry, chef services, and dining out.
Prosecutors said they were paying other investors in what they call “classic Ponzi scheme fashion.”
“Many of the investors were elderly victims, often people the defendants knew from their church,” Heck said.
More than a decade ago, Wayne Essex faced similar allegations of fraud involving companies he owned and managed.
According to court records, in 2012, a Montgomery County Judge issued a court order telling Essex he could not sell securities or engage in deceptive practices. As reported on News Center 7 at 5:00, prosecutors said he ignored the court order and continued to do that anyway, under the radar, until the Ohio Department of Commerce found out.
“They aggressively got involved and started reviewing it and building a case,” Heck said.
That led to the search warrant raid, which News Center 7 covered, at his business earlier this year.
The couple remains booked in the Montgomery County Jail, according to online court records, and is scheduled to appear in court next week.
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