WASHINGTON TWP. — UPDATE @ 6:30 p.m.:
More details have been released about an investigation into a Washington Township accounting firm.
A complaint filed in Montgomery County Common Pleas court accuses Essex & Associates along with various companies owned by Wayne T. Essex of defrauding investors.
“In classic Ponzi scheme fashion, Defendants are falsely telling investors that their investment proceeds will be used to purchase real estate investment properties. In reality, Defendants are using investors’ funds to pay back earlier investors,” court documents state.
Investors’ funds were allegedly also used for personal use such as “medical expenses, utilities, car payments, and the $200,000 purchase of a 2025 Mercedes Benz Sprinter.”
At least 16 people throughout Ohio have invested over $4.2 million, court docs allege.
Impacted investors are asked to contact the Ohio Department of Commerce’s Division of Securities at (614) 644-7381.
We will continue to follow this story.
INITIAL REPORT:
Investigators from the Ohio Bureau of Criminal Investigation (BCI) spent hours raiding an office building in Washington Twp. on Thursday.
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BCI trucks and trailers were seen by News Center 7 crews parked outside of the Republic Building, an office building on Paragon Road.
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A spokesperson for BCI confirmed they were there to assist the Ohio Department of Commerce in the execution of a search warrant.
News Center 7 got to the scene shortly after 1 p.m. and watched agents move back and forth from the building to their trucks.
As shown on News Center 7 at 5:00, our crew caught up with a man who was walking out of the building. He said he tried to turn in his tax paperwork to Essex and Associates, an accounting firm in the building, but was asked by agents to leave. Other people who were seen going inside for other businesses did not appear to be turned away.
News Center 7 has reached out to the Ohio Department of Commerce for more information. We’ll update this story as we learn more.
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