Man pleads not guilty to fraud, theft

A Piqua man pleaded not guilty Monday in a Miami County court to a 44-count indictment alleging, among other illegal acts, engaging in corrupt activity, securities fraud aggravated theft and theft from a protected person, specifically the elderly.

Scott A. Fries, 55, was being held Tuesday in the Miami County Jail on bail of $250,000, cash or surety. The bail was ordered by Judge Jeannine Pratt in county Common Pleas Court.

Fries is accused, while acting as an investment adviser, of engaging in illegal activities between March 17, 2016, and June 30, 2020.

The indictment includes the following charges one count engaging in a pattern of corrupt activity, seven counts of misrepresentations in the sale of securities, seven counts of securities fraud, nine counts of false reports, seven counts of fraudulent and deceptive conduct as an investment adviser representative, eight counts of grand theft, four counts of theft from a person in protected class (elderly) and one count of aggravated theft.

Several of the counts accuse Fries of activities involving funds or securities or loss to a victim of more than $7,500 but less than $37,500, more than $37,500 but less than $150,000, while others involve funds or securities or loss to a victim of more than $150,000 but less than $750,000.

Fries also has faced action by the U.S. Securities and Exchange Commission, according to federal court documents.

Miami County prosecutors were contacted Tuesday for additional information on the local indictments but failed to respond.