(NEW PHILADELPHIA, Ohio)— Ohio Attorney General Mike DeWine and Ohio Department of Commerce – Division of Securities Commissioner Andrea Seidt announced today that a New Philadelphia man has been sentenced to repay tens of thousands of dollars he stole by selling fraudulent securities in Tuscarawas County.
Keith Elsesser, 51, pleaded guilty in January to two felony counts of grand theft and four felony counts of unlawful securities practices for stealing a total of more than $90,000 from two victims.
At his sentencing hearing this afternoon, Elsesser was sentenced to pay full restitution to both victims of the scheme.
An investigation led by the Division of Securities found that Elsesser sold phony securities to two local investors between 2011 and 2013. Elsesser misled the victims into believing they were investing in an energy drink venture. The investigation found that he instead spent the funds on things like groceries, movies, rental cars, and other entertainment.
Elsesser paid $10,000 of the restitution today and was ordered to pay $1,500 in restitution each month hereafter. He was also sentenced to seven days in jail and five years of community control. A community control violation could result in six years in prison.
The case was prosecuted by attorneys with Attorney General DeWine’s Special Prosecutions Section.
The case was investigated with the assistance of the Ohio Attorney General’s Bureau of Criminal Investigation, the New Philadelphia Police Department, and the Tuscarawas County Sheriff’s Office.