In court documents, investigators said that the couple told investors their investment proceeds would be used to buy real estate investment properties but instead were used for personal purchases and to pay back earlier investors.
More specifically, the Division of Securities said that the couple used the money for medical bills, utilities, car payments and to buy a 2025 Mercedes-Benz Sprinter van.
In total, the division said that at least 16 investors bought over $4.2 million of unlawful securities from the Essexes, court documents said.
The lawsuit also names multiple organizations created by the couple, including Essex & Associates Inc., Salty Seas Siesta LLC, Opportunity Zone Investment Fund Inc., Fin Tech Group Inc., Trinity Accounting Services Inc. and Blue Sail Investments Inc., all of which have the same address at 7501 Paragon Road, suite 100, in Washington Twp.
The Division of Securities asked the court to appoint a receiver over the unlawful assets, that they order the couple to pay restitution to securities holders. It also asked the court to have the couple say why they should not be held in contempt for violating the prior injunction.
Wayne Essex was forbidden in 2012 from selling or offering securities after he was accused of stealing about $1.1 million in a similar scheme. The Division of Securities found at that time that Essex sold promissory notes to 20 investors and said the money would be invested in Dayton-area small businesses. They said he actually spent the money on himself.
According to court documents, the 2012 case was settled outside of court, and the case was dismissed.
On Thursday, the court appointed a receiver over the Essex’s assets and the businesses that they organized.
The division said that clients of Essex and Associates should contact the receiver, Mark E. Dottore, by calling 216-771-0727 or emailing info@dottoreco.com with any questions about the business and services in process. It also asked impacted investors who may have engaged with the Essexes or their businesses to contact the division at 614-644-7381.
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