Hannan will be sentenced Tuesday.

CANTON A former Stark County financial adviser was convicted Friday of 53 counts related to investment fraud.

For around 30 minutes, Kimm Hannan listened as Stark County Common Pleas Court Judge Chryssa Hartnett read the individual verdict forms for each of the felony charges, including prohibited securities acts, false representations in the sale of securities, engaging in fraudulent conduct as an investment adviser and two theft-related counts. He didn't express emotion as the charges were detailed.

Jurors returned the verdict Friday afternoon, concluding about eight hours of deliberations that began a day earlier.

Hannan is scheduled to be sentenced at 1 p.m. Tuesday. When combining the maximum sentences for the individual charges, the 67-year-old Jackson Township man faces more than 300 years in prison.

During closing arguments Thursday, Stark County Assistant Prosecutor Joe Vance told jurors how Hannan unscrupulously preyed on the trust of five clients (a total of nine people, including married couples and the elderly). The clients were from Canal Fulton, Massillon, Lorain County, Florida and Matamoras, Ohio.

Money paid to Hannan totaled roughly $1.7 million, the assistant prosecutor said. The fraudulent conduct came between 2014 and 2017 and was exposed by the Ohio Division of Securities after it received a tip accusing Hannan of operating a Ponzi scheme in which he paid old investors with money from new clients.

Hannan was illegally directing investor payments into his own bank accounts, according to financial records introduced at trial. Hannan had an investment office in downtown Canton.

Investor dollars were wrongly spent on credit card debt, business-related debt, personal expenses, spousal support and gambling at casinos, according to testimony.

Vance said during the trial that Hannan blatantly failed in his legal obligation to fully disclose the financial problems associated with his dry-cleaning businesses and later a proposed dog daycare business in Stark County. All of those actions clearly violated Ohio securities laws, he said.

Incriminating evidence included Hannan’s recorded interview with investigators from the Ohio Division of Securities in which he admitted spending investor funds on personal expenses without their knowledge. The defendant also admitted the clients wouldn't have invested money with him had they been told his businesses were not turning a profit or making payroll.

Also during the probe, he asked state investigators if they wanted to invest in his latest business proposal in an effort to repay investors, according to testimony.

Reach Ed at 330-580-8315 ed.balint@cantonrep.com

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