CLEVELAND: Four Ohio men, including one from Macedonia, have been sentenced to federal prison for duping investors out of more than $10 million.
Kenneth Jackson, 59, of Glenmont, William Schureck, 81, of Lexington, Dennis Deciancio, 73, of Macedonia, and Daryl Dane Donohue, 67, of Mansfield were convicted following a trial earlier this year on multiple charges, including conspiracy to commit mail and wire fraud, conspiracy to launder money, mail fraud, wire fraud, money laundering and making false statements.
Jackson was sentenced to more than 15 years in prison. Schureck was sentenced to nine years. Deciancio was sentenced to nearly six years. And Donahue was sentenced to more than four years.
Authorities said all four men were affiliated with Medical Safety Solutions (MSS), a company Jackson founded in 2007 that operated out of Mansfield. Deciancio co-founded the company and attended trade shows on the company’s behalf.
The company claimed that it was developing a hypodermic needle destruction device called the Sharps Terminator. The men defrauded investors by inducing them to buy stock and making false and fraudulent misrepresentations about MSS and the Sharps Terminator, authorities said.
“These defendants misled investors and lied about their product,” U.S. Attorney Carole Rendon said Tuesday in a prepared statement. “They earned these prison sentences by stealing the millions of dollars from hundreds of people.”
More than 500 investors lost more than $10 million between 2007 and 2013, according to trial testimony and court documents.
Jackson and Schureck transferred the money to cover other expenses, and Jackson gambled more than $3.3 million at Mountaineer Casino between 2009 and 2013, according to the court documents.