The Division of Securities investigation found that Essex sold securities without a license, sold unregistered securities and engaged in securities fraud.
Essex did not tell investors that he was not licensed to sell securities and that the securities were not properly registered. Essex told investors that their funds were guaranteed and that they would receive annual returns of five, seven or 10 percent - with higher rates to those who invested larger dollar amounts.
A preliminary and permanent injunction approved Tuesday prohibits Essex and his companies from, selling or offering to sell securities in violation of the Ohio Securities Act, selling or offering to sell securities without prior approval of the court and engaging in any deceptive, fraudulent or manipulative act.
Before investing, the Division of Securities encourages investors to call the Division's Investor Protection Hotline at 1-877-683-7841.