Victims testify in court about money lost to Piqua investor Scott Fries – Springfield News Sun

TROY — Victims of a Piqua man who admitted to theft and misrepresentation — stealing tens of hundreds of {dollars} from folks through the sale of securities — testified Wednesday how Scott Fries used private connections to draw their investments.
Among the many victims was an Urbana couple who mentioned they knew Fries from the husband’s teaching of youth in Piqua. In consequence, they had been snug investing $10,000 they had been saving for his or her kids, with Fries.
They later felt cheated out of their cash and misplaced a friendship alongside the best way, the couple informed Choose Stacy Wall in Miami County Widespread Pleas Court docket.
An aged man from Troy mentioned he met Fries by way of Fries’ dad and mom, whom he had met at a campground. He invested $55,000 by way of Fries.
The cash was all he had, the person mentioned, including his resolution on the funding almost price him his marriage of greater than 30 years.

One other man met Fries by way of his dad, who additionally was a sufferer. The son mentioned he invested $150,000 from a lawsuit settlement following his close to loss of life in a site visitors accident. The cash, supposed for his future household, was gone by the point his kids arrived, the person who lives in Tipp Metropolis mentioned. He was heartbroken, disgusted and felt victimized, the person mentioned.

Fries, 55, earlier pleaded no contest and was discovered responsible in Miami County Widespread Pleas Court docket to 16 felony expenses as a part of a plea deal in a case that initially included greater than 40 felonies. As a part of that deal, he agreed to pay $418,000 in restitution and to promote a home on Sioux Drive in Piqua. The sale was closed this week, in line with statements in court docket.
Fries can be sentenced on Feb. 24 on felony expenses of participating in a sample of corrupt exercise, theft, misrepresentation within the sale of securities, securities fraud, theft from an individual in a particular class (aged), grand theft, aggravated theft and fraudulent conduct as an funding adviser.
Wall mentioned throughout Wednesday’s listening to that though she was scheduled to additionally impose the sentence on Fries, the sentencing itself would come later as a result of must make clear some authorized and monetary points.
The corrupt exercise cost was filed towards Fries individually and the Fries Monetary Group. Fries stays free on bail.
Most of these testifying mentioned they first heard of issues with the investments after they acquired calls from the Securities and Change Fee. The SEC earlier filed a civil judgment of greater than $700,000 together with curiosity towards Fries. That judgment has not been paid.
The case earlier than Wall is a legal motion, with the crimes going down between 2014 and 2019.
Protection lawyer Thomas Kollin mentioned one other sufferer, now deceased, invested $100,000 by way of Fries, who he mentioned has repaid round $60,000. Paul Watkins, first assistant county prosecutor, mentioned that sufferer died simply after the legal case was filed. Prosecutors’ data confirmed round $9,000 in funds, he mentioned.
Wall mentioned she would want to see proof of how a lot has been repaid.
Fries informed Wall he has bought his home and his truck and labored extra time to have the ability to make some funds.
“I do know I’m not going to revive the belief, however I wish to pay them again,” Fries mentioned of the victims.
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