Friday, September 01, 2000
Former minister denies swindling his investors
By Cliff Peale
The Cincinnati Enquirer
BATAVIA — Gerald Lach will fight charges of illegally selling stock and deceiving investors about his development plans, his attorney said Thursday.
Gerald Lach
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Mr. Lach turned himself in and entered a not guilty plea in Clermont County Common Pleas Court on Thursday morning, the day after a grand jury indicted him on 55 counts of securities violations.
Handcuffed and wearing wraparound sunglasses, Mr. Lach said nothing during the brief arraignment several hours after surrendering. He was later released on his own recognizance after posting a $100,000 bond.
“I'm always available to listen, but I expect this to go to trial,” said H. Louis Sirkin, Mr. Lach's attorney. He declined to comment on the charges.
The 77-year-old former Methodist minister attracted more than 800 investors to a variety of projects starting in 1996. He raised more than $2.3 million, and the companies have spent about $1.7 million, according to an Enquirer investigation.
Union Township police and Ohio securities regulators still are looking for hundreds of thousands of dollars unaccounted for in Mr. Lach's financial statements.
Mr. Lach's proposed investments included a high-tech monorail system, an outer-belt highway around the region and a 110-story tower for senior housing.
Mr. Lach is due Sept. 14 for a pretrial conference.
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