LEBANON, Ohio (WDTN) — A Lebanon man will serve time in prison after taking more than $1.3 million from a Warren County woman.

In 2013, Patrick Thayer reportedly opened a bank account in a woman’s name without her knowledge or consent, according to the Ohio Department of Commerce’s Division of Securities.

He then sold securities from the victim’s brokerage account, transferring the proceeds to the new bank account. He reportedly used the money for personal expenses such as a down payment on his home, mortgage payments, car loans and credit card expenses.

More than $1.31 million was stolen from the woman. Thayer has been ordered to repay her more than $1.02 million in restitution.

Thayer has since pleaded guilty to fraud, aggravated theft and identity fraud — all felonies of the second degree. He has been sentenced to 15 years in prison.

“Every dollar taken by fraud hurts families and law-abiding businesses in Ohio,” said Ohio Securities Commissioner Andrea Seidt. “Today’s sentence confirms that the Division and its law enforcement partners are committed to making Ohio a safe environment where investors and industry professionals can grow and prosper.”

Before investing, the Division of Securities urged potential investors to call the Investor Protection Hotline at 877-683-7841 and ask the following questions.

  •  Is the securities professional, platform, or firm properly licensed in Ohio?
  • Is the security being promoted by the firm, platform, or individual registered for sale in Ohio?
  • Are there any enforcement actions involving the firm, platform, professional, or security being promoted?

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