Kimm Hannan, an Ohio Financial Advisor, Facing Decades in Prison after Allegedly Operating a $1.6 M Ponzi Scheme involving Nine Investors

Kimm Hannan, 67, allegedly operated a $1.6 million Ponzi scheme between 2014 and 2017, according to reports from the Ohio Division of Securities under review by investor rights attorney Alan Rosca.

Kimm Hannan reportedly proclaimed his innocence in court, and blamed his attorney, the Reports note. Stark County Assistant Prosecutor Joe Vance told the court that, when compiled together, Hannan’s 53 counts of theft and securities-related fraud might possibly bring a sentence of more than 300 years in prison.

Vance also made further statements that Hannan allegedly failed to fulfill his legal obligation to fully disclose financial problems associated with his dry-cleaning businesses and plans for a dog daycare business in Stark County, according to Court Reports from Stark County.

Investor rights attorney Alan Rosca, of the Goldman Scarlato & Penny PC law firm, is investigating activity related to Kimm Hannan’s alleged Ponzi scheme. Investors who believe they may have lost money in activity related to Kimm Hannan’s alleged Ponzi scheme are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.

Kimm Hannan Allegedly Spent Investor Funds on Personal Expenses; Kimm Hannan Ordered to Pay Restitution of $805K to a Married Couple

Kimm Hannan allegedly directed investor funds into his own bank accounts and used investor funds for personal expenses, credit card debt, business-related debt, personal expenses, spousal support and gambling at casinos, according to financial records introduced at said trial under review by investor rights attorney Alan Rosca.

Hannan has been ordered to pay approximately $1.6 million in restitution, including $805,000 to a married couple, the Reports note.

Hannan repeatedly made repeated attempts to solicit funds from state investigators and court officials regarding his latest idea for a business-related investment as a method to repay investors and make reconciliation, according to Court Reports. Court officials sternly rejected Hannan’s offer, the Reports state.

Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints mentioned in this article, unless otherwise indicated.

Securities Lawyer Investigating

The Goldman Scarlato & Penny PC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Kimm Hannan’s alleged Ponzi scheme. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, and has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.

Investors who believe they lost money as a result of Kimm Hannan’s alleged Ponzi scheme may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at rosca@lawgsp.com, or through the contact form on this webpage.

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In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent updates regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases. Also, the brokercheck report linked to some of our blogs is the up-to-date version as of the date of posting. Visitors may check the most recent version of each brokercheck report at www.finra.org.