Ohio Investor Recovery Fund returns $2M to several victims

COLUMBUS, Ohio — The Ohio Department of Commerce is celebrating that its Division of Securities has returned $2 million to 130 victims since its inception.

Sept. 25 marked the third anniversary of the Ohio Recovery Fund, which was created in August 2022.

The fund aims to provide a way to recoup money for those who have no other means to do so.

“It is unfortunate that there are those who take advantage of innocent Ohioans who have worked hard to save for their dreams and future only to lose it to bad actors,” Ohio Securities Commissioner Andrea Seidt said. “I am pleased how this fund has helped so many Ohioans who otherwise would have lost everything, and I am proud of the people in the Division of Securities who work every day to pursue justice for these victims.”

Many residents have had money stolen from them because of securities-related crimes, according to the Department of Commerce.

One investor who was involved in a cryptocurrency scam said the fund helped her pursue legal action.

“I could have had work done to my house. I could have helped out a family member. I could have had work done to vehicles. There were a lot of ways that money could have been spent and I had to find other resources to help myself out – some of which involved taking on some debt,” the Belmont County resident said. “There is a lot of guilt that you carry when you get taken advantage of from a fraud aspect, and I was never made to feel bad (by the Division’s investigators). Even if there was no resolution, I was still confident that the Division had done everything they could do to recoup the funds.”

The Federal Trade Commission reported that consumers lost more than $12.5 billion to fraud in 2024, which was a 25% increase from 2023.

To be receive assistance a victim must:

• Be an Ohio resident who has suffered a monetary loss as the result of a violation of the Ohio Securities Act or any rules adopted thereunder
• Be identified in a final administrative order issued by the Division of Securities or a final court order in a civil or criminal proceeding initiated by the Division
• Meet all additional eligibility requirements set forth by statute and rule

To file a complaint, visit the Division of Securities’ website.