Group
Settles Securities Fraud Allegations
As reported by the Lima News:
"A group trying to bring a casino to Botkins
has settled with the state over the unregistered
sales of securities.
"National
Capital I and its president, Tom Schnippel,
reached settlement this week with the Ohio Department
of Commerce Division of Securities to not sell
securities without following Ohio law, said
Dennis Ginty, a spokesman for the department
of commerce.
"In
the settlement, the company admitted to selling
unregistered securities, making false representation
in the sale of securities and engaging in security
fraud, Ginty said.
"The
company was not fined and there were no other
sanctions imposed other that what is referred
to as an official finding, Ginty said.
"National
Capital's attorney, Charles Hertlein of Cincinnati,
said the only problem was his client did not
have the appropriate paperwork on file with
the state. There was no allegations of misappropriations
of investor funds or misuse of funds, he said.
"
The Eastern Shawnee Indian Tribe is working
with National Capital I to develop a casino
in the Botkins area. Lima-based A Piece of the
Action LLC was formed to try to stake first
claim to the sale of beverages should a casino
be built…"
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