Stark County businessman guilty of investment project gets jail time

0

TOWNSHIP — A 68-year-old man from Jackson Township will spend four to six years in prison for defrauding investors in his radial engine startups.

At the conclusion of Charles M. Boulton’s plea hearing on Tuesday, Stark County Common Pleas Judge Frank Forchione ordered that Boulton be committed to the Stark County Jail, where he awaits transfer to a state prison, according to court records. Boulton had been released on $250,000 bond.

Forchione ordered Boulton to pay $630,000 in restitution to seven victims who live in Medina, Stark and Summit counties as well as Nebraska and California, according to prosecutors and the Ohio Department of Commerce. The department investigated the fraud allegations and referred the matter to the Stark County District Attorney’s Office.

After:Stark entrepreneur accused of defrauding over $600,000 in investments heads to trial

After:Stark County man faces fraud charges

A message seeking comment was left late Wednesday afternoon at the law office of Boulton attorney Aaron Schwartz, based in Strongsville.

Arrest of designer radial engineer Charles Boulton

Boulton was arrested in January 2021 at his home by agents from the US Marshals Violent Fugitive Task Force. A Stark County grand jury indicted him on 24 counts of unlawful securities practices, two counts of telecommunications fraud, one count of theft from a class protected and a flight leader.

Prosecutors said he made false claims by soliciting and raising more than $600,000 from 2015 to 2018 for what investors believed was a radial engine product Boulton was working on. Boulton’s company names were Radio M92 Inc., Radia R&D LLC or Radial Engine Innovation Ltd.

Instead, prosecutors, who were led by Stark County Assistant District Attorney Kristen Mlinar, said he spent the money to cover personal expenses, loan payments and to provide him with life. silver.

As part of a plea deal, Forchione dismissed charges of theft and one count of telecommunications fraud. He grouped the illegal securities practices into 12 counts with one charge of telecommunications fraud. Boulton pleaded guilty to those charges.

The sentence is shorter than the eight to 12 years he accepted in February as part of a proposed plea.

Mlinar said the victims in the case and Boulton have agreed to the tentative agreement.

But Boulton then backed out of the deal before it could be presented to Forchione, reportedly against the advice of his then lawyers, Frederick Pitini and Eugene O’Byrne.

Mlinar indicated that she would then seek a sentence of at least 20 years for Boulton when he decided to opt for a trial.

The lawyers step down

Forchione approved the removal of Pitini and O’Byrne as Boulton’s attorneys in March after telling the judge during a hearing that they have “irreconcilable differences” with Boulton, court records show. Schwartz replaced Pitini and O’Byrne in April and requested another postponement of the trial. In a filing with Forchione in April, Schwartz wrote that he had yet to obtain the filings containing a significant amount of information from Boulton’s previous attorneys. And he asked for another postponement. Forchione extended the trial date to August 2, but noted “no further prosecution.”

Contact Robert at robert.wang@cantonrep.com. On Twitter: @rwangREP.

This article originally appeared on The Repository: Businessman Charles Boulton gets 4-6 years for investment plan

Share.

Comments are closed.