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COMPLAINT FILED IN HAMILTON COUNTY COMMON PLEAS COURTAGAINST GEORGE J. FIORINI, II, AND GUARDIAN INVESTMENTS, LLC

 

The State of Ohio filed a complaint in Hamilton County Common Pleas Court today asking for the issuance of a preliminary and permanent injunction and accounting against defendants George J. Fiorini, II and The Fiorini Agency, both of Cincinnati, and Guardian Investments, LLC of Erlanger, Kentucky.  A judge will be assigned to the case next Wednesday and the judge will set a hearing date. 

 

In the complaint filed by Ohio Attorney General’s Office on behalf of the Ohio Department of Commerce, the State alleges that Fiorini advertised his “10% Plus Income Plan” as a low risk investment opportunity.  However, some investors who responded to the advertisement were offered and sold high risk, unsecured promissory notes in Guardian Investments.  The State said that the promissory notes sold were unregistered, non-exempt securities and were misrepresented to investors as part of a fraudulent scheme. 

 

In a September, 2000 securities filing made by the defendants with the Division of Securities, the respondents said they sought to raise $1 million - $10 million through Guardian Investments.  As of the filing date, Guardian represented that it had already raised $4.5 million.

 

Through a preliminary and permanent injunction, the State is asking the court to prohibit the respondents from continuing to sell promissory notes, continuing to engage in fraudulent practices, and from destroying or altering documents relating to the sale of securities by Fiorini, The Fiorini Agency and Guardian Investments.  

 

The State is also asking the court to order the defendants to provide an independent accounting of the number and amount of securities sales made, the use of the proceeds, and the income, assets and liabilities of Fiorini, The Fiorini Agency and Guardian Investments prior to the permanent injunction hearing.  

 

On July 7, 2000, Fiorini signed a consent agreement in which he agreed to a cease and desist order issued by the Division of Securities.  In the order, the Division found that Fiorini sold unregistered, non-exempt securities, failed to disclose material facts and engaged in fraud.   Some customers who responded to his advertisements for the “10% Plus Income Plan” were sold promissory notes in IGW Trust, a non-existent company.  The Division found that Fiorini sold 31 promissory notes to 19 investors for at least $1,284,476.

 

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