CAMPBELL, Ohio (WKBN) – One-time Campbell Mayor George Krinos is in some hot water with the U.S. Securities and Exchange Commission.
Krinos, 36, was last seen in 2012 when he was talking about helping a pair of Indiana businessmen raise capital to build a number of alternative energy plants in the Midwest under the name Nature’s Fuel, one possibly in this area.
In papers filed last week, investigators said Krinos raised more than $1 million through the sale of stock and other notes of his Boardman-based investment firm Krinos Holdings by claiming the funds would help start-up businesses like Nature’s Fuel and create as many as 40,000 jobs in the process.
Instead, investigators said Krinos spent tens of thousands on personal expenses, including five-figure salaries in 2012 and 2013, as well as restaurants, bars, strip clubs and casinos. The SEC filing states he even used $4,000 in investor funds to re-upholster his boat and another $2,500 to hire an attorney for his 2010 drunk driving case.
Although no one answered the door, neighbors said Krinos recently moved into a house off Robinson Road in Campbell. His car and boat were sitting in the driveway.
Investigators with the Securities and Exchange Commission said they are now waiting to hear from Krinos after filing for a cease-and-desist order against him and his investment businesses. Krinos, who abruptly resigned as Campbell mayor in early 2011, has about three weeks to respond to the government’s allegations, with a hearing to be held in about six weeks.
Ultimately, Krinos could be forced to return money he took from investors and he could be barred from the securities industry for life.