Licking County Common Pleas Court Judge Jon R. Spahr sentenced Theodore E. Mong II today to 15-35 years in prison. Mong was convicted on April 16 of 79 counts involving securities fraud.

"This sentence sends a strong message to those who would consider committing securities fraud in Ohio. If you commit such crimes, you will be prosecuted to the fullest extent of the law," said Director of Commerce Donna Owens.

Mong, of Columbus, is the former President of Liberty Bell Association, Inc. in Newark, Ohio. The convictions follow an extensive investigation conducted by the Ohio Department of Commerce's Division of Securities in conjunction with the Newark Police Department.

The Division of Securities' investigation uncovered that Mong, through Liberty Bell Association, Inc., sold promissory notes to approximately 40 investors located primarily in Licking County, who were defrauded out of approximately $1.5 million. Some investments promised returns of up to 200%.

Mong was convicted of 32 counts of selling securities without a license (fourth degree felony), 31 counts of selling unregistered securities (fourth degree felony), 7 counts of misrepresentations in selling securities (fourth degree felony), 7 counts of securities fraud (fourth degree felony), one count of receiving stolen property (second degree felony) and one count of corrupt activities (first degree felony).

"This case is a perfect example of the old saying: If it sounds too good to be true, it probably is," said Ohio Securities Commissioner Thomas Geyer. "This should serve as a reminder to Ohioans to investigate before they invest."

# # #

The Ohio Department of Commerce's Division of Securities is responsible for protecting investors from unfair and fraudulent practices in the securities industry. The Division promotes an honest and fair securities market in Ohio 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.