BUCYRUS, OH (CRAWFORD COUNTY NOW)—Barbara E. Armstrong and her husband, Thomas J. Armstrong, were indicted by a Crawford County Grand Jury on September 24, facing 19 criminal counts, including Securities Fraud, Sale of an Unregistered Security, Theft from the Elderly, and Telecommunications Fraud.
The Ohio Department of Commerce Division of Securities announced the indictment in a press release on Friday, noting that the charges stem from an investigation initiated by the Ohio Division of Securities.
According to the indictment, from May 2017 through July 2021, the Armstrongs allegedly solicited investments totaling over $750,000 from at least five residents of Crawford County and two residents from Florida. The funds were reportedly invested in promissory notes issued by their company, 5 Star Development of Ohio, LLC, purportedly for the purchase, renovation, and resale of residential properties.
The indictment further claims that these promissory notes were not properly registered for sale in or from Ohio, and that the Armstrongs misappropriated the funds for personal use.
The couple is set to be arraigned in Crawford County Common Pleas Court later this month, with Thomas Armstrong’s arraignment scheduled for October 21 and Barbara Armstrong’s for October 28.
Ohio Securities Commissioner Andrea Seidt emphasized the agency’s commitment to protecting Ohioans from fraudulent activities. “It is always disheartening to see individuals exploit the trust of their community for personal gain,” Seidt stated. “We will continue to pursue justice for those affected by these types of deceitful actions.”
Ohio residents with questions or concerns regarding investments or financial advisors are encouraged to contact the Division of Securities at 614-644-7381, via email at securitiesgeneral.questions@com.ohio.gov, or by completing an online contact form available on their website.