Warren County man pleads guilty to stealing $1.31M from woman’s investments

Sentencing set for Oct. 2
ajc.com

Credit: Nick Graham

Credit: Nick Graham

A Lebanon man will be sentenced in October after entering guilty pleas to felony charges Friday in Warren County Common Pleas Court.

Patrick Noel Thayer, 47, defrauded a Warren County woman and stole more than $1.31 million from her investment proceeds. Thayer operated a tax preparation service, known as Broadway Financial Solutions, in Lebanon. He also worked as a securities salesperson for various brokerage firms and later was licensed as an investment adviser, according to Warren County Prosecutor David P. Fornshell.

Patrick Thayer

Credit: Warren County Jail

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Credit: Warren County Jail

Thayer pleaded guilty to charges of securities fraud, aggravated theft, and identity fraud, all second degree felonies. A sentencing hearing is scheduled Oct. 2 in Warren County Common Pleas Court. Thayer remains in the Warren County Jail pending a sentencing hearing.

Fornshell said in 2013, Thayer opened a bank account in the victim’s name without her knowledge or consent. Thayer than began selling securities from the victim’s brokerage account and transferred the proceeds to the new bank account, from which he used the proceeds for his own personal expenses, including a down payment on his home, mortgage payments, car loans, credit card expenses, as well as the purchase of a tiny house in Colorado for a family member. The victim became aware of the fraud in 2022 when she was contacted by the IRS about the bank account that Thayer had opened in her name.

He said before investing, potential investors are encouraged to call the Securities Division’s Investor Protection Hotline at 877-683-7841 to find out if the person is properly licensed to sell securities and if there are any enforcement actions involving the person or the product being promoted.

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