Celina man indicted on fraud, theft charges

CELINA — A Celina man was recently indicted on 96 charges, ranging from fifth- to first-degree felonies, including securities fraud, telecommunications fraud and theft for allegedly defrauding Ohioans out of more than $1.2 million.

According to a news release from the Ohio Department of Commerce Division of Securities, Christopher Wendel, 58, a former broker, solicited 10 Ohio residents between 2019 and 2021, some of whom were elderly, to invest more than $1.2 million in his company, Buckeye Income Fund, LLC, through material misrepresentations and fraud.

Wendel was arrested Sunday and is being held in the Mercer County Jail awaiting his arraignment and bond hearing.

According to the news release, in May 2018, Wendel entered into an agreement with the Financial Industry Regulatory Authority to prevent him from associating with FINRA members in any capacity because he was found to have been engaged in private transactions without the approval of the firm he was employed with and provided false responses during FINRA’s investigation. FINRA placed a permanent bar on Wendel at that time, so he could no longer act as a broker or associate with a broker-dealer firm.

FINRA’s BrokerCheck website provides a timeline of events from Wendel’s time as a broker. In August 2019, the Division of Securities alleged Wendel sold securities after the termination of his license and was selling unregistered securities. The timeline also showed Wendel worked for SA Stone Wealth Management Inc. from 2014 to 2017. An investigation was conducted in April 2017, and Wendel was fired from the company in September 2017 due to the allegations.

“Before making any investment decisions, we strongly urge individuals to verify the credentials of the financial advisor with whom they’re working and investment opportunity being presented to them, and to report any instances of suspected fraud immediately to the Ohio Division of Securities,” Ohio Securities Commissioner Andrea Seidt said in the news release.

Potential investors with questions or concerns can contact the Division of Securities through the division’s investor protection hotline at 877-683-7841, the division’s general number at 614-633-7381, by email at [email protected], or by completing an online contact form at bit.ly/46gxzEM.