Investors squeal on pig semen supplier for fraud
Wed, 27 Feb 2013 16:57:53 GMT —
The owner of a pig semen supplying company had his day in court on Tuesday after his investors accused him of securities fraud.
According to the Ohio Department of Commerce, Jason E. Schwartz was the owner of TLC Genetics LLC, a Bucyrus, Ohio company that marketed itself as "a full service supplier of semen for the artifical insemination of pure breed and crossbreed swine."
After raising $120,000, Schwartz allegedly failed to tell his investors that he was under federal investigation for mortgage fraud, for which he was later convicted and sentenced to five months in prison. Investors said Schwartz also did not disclose that he had previously filed bankruptcy on a company that owed more than $600,000 in federal and state taxes.
Schwartz entered a no contest plea to two counts of securities fraud in Wood County Common Pleas Court.
The Ohio Division of Securities encourages investors to call their investor protection hotline to get more information about a brokerage firm or salesperson before making an investment at 1-877-683-7841.