Local man steals from elderly couple in $400K scam

Justin Dennis
·1 min read

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MEDINA, Ohio (WJW) — A Summit County man has pleaded guilty to misusing an elderly victim’s credit card in a $400,000 investment scam.

Steven Drexler, 59, of New Franklin, pleaded guilty to a fourth-degree felony count of misuse of a credit card. He also agreed to repay the $53,000 he stole from a Medina Township couple by charging a victim’s credit card without her authorization.

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Drexler was indicted last June in Medina County on other charges as well, including securities fraud, attempted theft by deception from an elderly person and telecommunications fraud.

Authorities said Drexler solicited the couple in the fall of 2018 to invest $400,000 in an investment that was not registered for sale in Ohio, then charged the victim’s credit card $53,000 without her approval.

“In every instance of fraud, the victims are not just names or statistics – they are families, retirees and our fellow Ohioans who deserve to feel secure about their financial future,” Ohio Securities Commissioner Andrea Seidt is quoted in a Monday news release.

“Furthermore, there can be zero tolerance for those who prey on the elderly and the most vulnerable Ohioans. This sentence reinforces our commitment to safeguard the trust and resources of investors and industry professionals, making Ohio a more secure place to invest and conduct business.”

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Anyone who is considering investing is encouraged to call the state commerce department’s Division of Securities to ask the following questions:

  • Is the securities professional, platform, or firm properly licensed to do business in Ohio?

  • Is the security being promoted by the firm, platform or the professional registered for sale in Ohio?

  • Are there any enforcement actions involving the firm, professional, platform or securities product being promoted?

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