Commerce News Release
News Releases
Home

STEPHEN J. ARNDTS SENTENCED FOR SECURITIES LAW VIOLATIONS

 

Montgomery County Common Pleas Court Judge David G. Sunderland sentenced Stephen J. Arndts, of Dayton, yesterday for securities law violations.   On February 9, Arndts will begin serving a 60-day work release program at the Dayton Human Rehabilitation Center.  In addition, he will be on probation for five years and has been ordered to provide the court a plan to make full restitution of $324,017.33. 

 

On November 15, 2000, Mr. Arndts plead guilty to 10 felony counts involving the sales of securities, and on November 22, 2000, Mr. Arndts plead guilty to one additional felony count involving a securities violation.  Mr. Arndts’ pleas resulted from his sales of $295,071 in promissory notes of World Vision Entertainment and Canko Environmental Technologies, Inc. to seven, mostly elderly, Ohio residents. 

 

World Vision Entertainment was a Florida corporation formed to engage in the business of producing, selling, licensing and distributing videos, music, computers, and other products.  Canko Environmental Technologies, Inc. is an Edmonton, Alberta, Canada corporation which was purportedly in the business of developing and marketing environmentally safe ways to dispose of medical waste.  Arndts, an insurance agent, sold the World Vision and Canko promissory notes and convinced investors that they would not lose their money because the notes were “bonded.”  However, the insurance companies who bonded the notes were not licensed to do business in the United States, and very little of the investors’ money has been returned to them.

 

Following an investigation by the Ohio Department of Commerce’s Division of Securities and the U.S. Postal Inspection Service the case was referred to, and successfully prosecuted by, the Montgomery County Prosecutor’s Office. 

 

 “The Ohio Department of Commerce’s Division of Securities will continue to aggressively pursue the prosecution of violators of the Ohio Securities Act,” said Debbie Dye Joyce, Commissioner of Securities.  “We will continue to work with prosecutors and judges in the prosecution of such cases which have devastating effects on their victims.”

#       #       #

 

The Division of Securities promotes an honest and fair securities market where individuals and businesses can raise capital and investors can expect a fair return on their investment.  Other Commerce divisions enforce regulations regarding industrial compliance, financial institutions, real estate, liquor, auctioneers, and unclaimed funds, among others.  The department's Internet address is www.com.state.oh.us

[Commerce Home Page] [Commerce News Releases]
[State of Ohio Front Page]

Send mail to webadmin@com.state.oh.us with questions or comments about this web site.
Information believed accurate but not guaranteed.  The State of Ohio disclaims liability for any errors or omissions.