CINCINNATI (AP) — An Ohio lawmaker has been indicted on 16 felony charges accusing him of misleading investors about a company’s financial status and misusing their money for personal benefit. His attorney says the accusations are outlandish and shameful.
State Rep. Pete Beck, a Mason Republican and a certified public accountant, was indicted Friday on fraud, theft and other charges.
Investors sued Beck in January and accused him and others of misleading them about the financial status of two companies and misusing $1.2 million.
Beck has denied the allegations. His attorneys say he’s being used as a scapegoat because the two main players responsible for the investors’ losses are either dead or bankrupt.
His lawyers also say that many of the people accusing Beck of swindling them are themselves “sophisticated investors.”