Cleveland-Area Man Indicted on 20 Felony Counts of Securities Fraud

COLUMBUS, Ohio - The Ohio Department of Commerce Division of Securities announced today that a Cuyahoga County grand jury has indicted a Cleveland-area man on 20 felony counts related to securities fraud stemming from alleged incidents involving six investors between June 2021 and May 2022.

Garett Fortune, 54 of Rocky River, was indicted Monday, June 22, on six counts of false representation, six counts of securities fraud, four counts of theft from a person in a protected class, three counts of grand theft, and one count of money laundering. In total, he faces five second-degree felonies, nine third-degree felonies, and six fourth-degree felonies.

The indictment alleges that Fortune solicited $200,000 in investments from six individuals for the purpose of operating a cannabis candy company; however, the indictment alleges that he misrepresented material facts about the investment to the investors and failed to disclose necessary information to the investors.

The case is being prosecuted by the Cuyahoga County Prosecutor's Office in partnership with the Ohio Division of Securities. An indictment is a formal charge and is not a finding of guilt.

"It's a crime to lie, cheat, and steal from Ohio investors. Fraudsters should know that in Ohio the penalties are increased even for smaller-dollar losses when the misconduct involves older victims, as is the case here. We are proud to partner with Cuyahoga County prosecutors in seeking justice for the investors in this case," said Ohio Securities Commissioner Andrea Seidt.

###

About the Division of Securities
The Division of Securities is part of the Ohio Department of Commerce. The department is Ohio's chief regulatory agency, focused on promoting prosperity and protecting what matters most to Ohioans. We ensure businesses follow the laws that help them create jobs and keep Ohioans safe. To learn more about what we do, visit our website at com.ohio.gov.