Christopher T. Wendel, a former broker with 28 years of experience in the securities industry, was arrested in Mercer County, Ohio, and faces 96 criminal charges for allegedly defrauding more than $1 million from Ohio investors. The Ohio Department of Commerce announced his indictment, which involves accusations of soliciting over $1.2 million from 10 investors between 2019 and 2021 through his company, Buckeye Income Fund. Some of the victims were elderly.
Wendel, 58, had been barred from the securities industry by the Financial Industry Regulatory Authority (Finra) in 2018. Finra alleged he sold $345,000 in a Ponzi scheme by the Woodbridge Group of Companies without disclosing it to his firm and earned $10,000 in commissions. Despite this, he continued soliciting investments after being banned.
Wendel’s arraignment is scheduled for tomorrow, and he remains in custody at Mercer County Jail. Ohio Securities Commissioner Andrea Seidt urged investors to verify financial advisors’ credentials before making any decisions to avoid fraud.
