A North Canton man has been sentenced to 12-years in prison after being found guilty of defrauding 34 victims, including a local church, of nearly half a million dollars.
Thomas Caniford, pled guilty to 19 counts of securities fraud, 72 counts of publishing false investment statements, 29 counts of theft, six counts of theft from the elderly, and 19 counts of selling unregistered securities, according to a statement released Friday from the Ohio Department of Commerce.
Caniford was accused of convincing his clients to invest in his hedgefund, Fundcap Growth Portfolio.
“Ohio investors should be cautious when investing in unregistered offerings promoted or administered through self-directed IRA custodians and trust companies and should refrain from relying on statements provided for self-directed IRAs without independent verification of value,” Ohio Securities Commissioner Andrea Seidt said. “Self-directed IRA statements provide a veil of legitimacy to cloaked theft and fraud by scammers who can steal a lifetime of hard-earned retirement dollars.”
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