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CELINA- A Celina man has been indicted on nearly 100 felony counts for allegedly defrauding people out of more than $1 million.
Christopher T. Wendel, 58, was indicted by a Mercer County grand jury on 80 counts of unlawful securities practices, a second-, third-, fourth- and fifth-degree felony; seven counts of grand theft, a fourth-degree felony; six counts of telecommunications fraud, a fourth-degree felony; and three counts of aggravated theft, a third-degree felony.
If convicted, he faces up to life in prison.
From 2019 through 2021, Wendel solicited ten Ohio residents, some of whom are elderly, to invest over $1.2 million in his company, Buckeye Income Fund, LLC, through material misrepresentations and fraud, according to a news release from the Ohio Department of Commerce Division of Securities.
In May 2018, Wendel entered into an Acceptance, Waiver, and Consent agreement with the Financial Industry Regulatory Authority (FINRA), which barred Wendel from associating with FINRA members in any capacity based on findings that he engaged in private transactions without the approval of his firm and provided false responses during FINRA's investigation, per the release.
In August 2019, the Ohio Division of Securities issued a cease-and-desist order with consent in order number 19-018 based on findings that Wendel engaged in the unlicensed sale of unregistered securities, the release states.
Wendel was arrested on July 21 and is currently incarcerated in the Mercer County jail. He is scheduled to be arraigned at 10:30 a.m. Wednesday.
"This case highlights our unwavering commitment to protect Ohio investors and maintain the integrity of our investment market," said Ohio Securities Commissioner Andrea Seidt in a statement. "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."
Wendel previously owned and operated Club Oasis at 201 S. Main St. in Celina.
Wendel still owns the building, which now houses the bar Boots 'N Bourbon. He previously operated Club Oasis at the location from 2004-2009. It was the scene of multiple incidents, according to police accounts, and Celina City Council members in April 2010 objected to the renewal of the bar's liquor license.
