Man promised to invest their money; instead he bought a BMW

Jon Horvath pleaded guilty Thursday
Posted at 1:01 PM, Oct 07, 2016
and last updated 2016-10-07 13:01:31-04

CINCINNATI -- A man pleaded guilty Thursday to scamming a pair of would-be investors, the Ohio Department of Commerce announced.

Jon Horvath, 51, sold $95,000 in unregistered securities to two Ohio investors, according to state officials. He told the investors he would be investing in ventures including an oil rig and a local car dealership.

However, Horvath instead used the money to pay for private school tuition, personal expenses and a BMW. He also altered a check to deposit a check written to a licensed securities dealer in his own personal bank account.

Horvath pleaded guilty to securities fraud, selling an unregistered security, two counts of theft and forgery.

He is scheduled to be sentenced Nov. 28.

State officials said investors should call the Investor Protection Hotline at 877-683-7841 to check on brokerage firms and salespeople.