News Home
Quick Bites
News Archive
News Channel
Special Features
On AirNewsClassical
School Closings
WKSU Support
Funding for WKSU is made possible in part through support from the following businesses and organizations.

Meaden & Moore


Akron General

For more information on how your company or organization can support WKSU, download the WKSU Media Kit.

(WKSU Media Kit PDF icon )

Donate Your Vehicle to WKSU

Programs Schedule Make A Pledge Member BenefitsFAQ/HelpContact Us
Courts and Crime

Vermilion financial planner charged
Feds say  money went to personal expenses and investments instead of investors and the IRS

Web Editor
M.L. Schultze
In The Region:

A northeastern Ohio financial planner has been charged with bilking nearly 100 clients – including churches and charities -- out of $4.4 million. WKSU’s M.L. Schultze has more.


SCHULTZE: Financial planner charged

Other options:
Windows Media / MP3 Download (0:53)

The federal charges against Richard Zakarian include wire fraud, mail fraud and making out false income tax returns.

The U.S. attorney’s office says the 47-year-old Vermilion man ran several businesses including those that did tax preparation and payroll for nonprofit clients.

Zakarian’s accused of using his Ben Franklin Payroll Service to deduct money for taxes from clients’ payroll, and then never filing the returns. He alleged used the money instead to make risky investments and pay personal and business expenses. He also allegedly lured  unsophisticated investors -- from 2002 through last year -- to invest their retirement funds and other savings in what they thought were safe accounts. But the charges say that money, too, went to  business and personal expenses and risky investments.

And he’s accused of using promissory notes and a shell company to shift investors’ money to himself .

The federal charges are in the form of an “information” rather than an indictment, which usually means a defendant is cooperating.


Add Your Comment


E-mail: (not published, only used to contact you about your comment)


Page Options

Print this page

E-Mail this page / Send mp3

Share on Facebook

Stories with Recent Comments

Charter reform bill includes controversial change for some teachers
I work for a former White Hat charter school; it was sold to another (for-profit) company this past summer and we were told that they would not pay into STRS/PE...

Bhutanese resettlement has had a big economic impact
Informative especially for nonmembers of North Hill. I appreciate the fact that you mention that the younger generation has an easier time than the elders but t...

Ottawa County Commissioner sworn in as new house member
Congratulations on your new appointment to the Ohio House. I'm certain you will do an outstanding job in your new role representing our district. When you have...

Holden Arboretum opens a new canopy walk and emergent tower
Visited the Holden Arboretum today to witness the incredible work you did constructing the tower and bridges.WOW! Very impressed. Knew the build had to be great...

Local club works to bring back the once-prevalent American elm
I would love to help! Where would I get some of the new Strain so I could plant them?

Four Geauga school districts consider consolidating on the Kent State campus
Berkshire was smart to merge with Ledgemont because it had shrinking enrollment and excess capacity at its high school. Now that Cardinal is dragging its feet ...

Ohio Rep. John Boccieri sworn into office and hopes to look for 'middle ground' with colleagues
Welcome back to the Statehouse, John. You are a terrific representative in the truest sense always representing the people's voice in teh district you serve. ...

Lawmakers call for indefinite freeze on Green Energy standards
It's a shame the Hudson Rep. Chooses to mimic the words of the extreme right senator on his way out to join ALEC when we know the Pope was just here because of...

Youngstown Schools file suit against the Ohio Department of Education to stop the implementation of an academic distress commission
Voters should ask WHY this plan was rushed into law under the cover of darkness. What clues point to the beneficiaries of this plan? Both Patrick O'Donnell of...

Copyright © 2015 WKSU Public Radio, All Rights Reserved.

In Partnership With:

NPR PRI Kent State University

listen in windows media format listen in realplayer format Car Talk Hosts: Tom & Ray Magliozzi Fresh Air Host: Terry Gross A Service of Kent State University 89.7 WKSU | NPR.Classical.Other smart stuff. NPR Senior Correspondent: Noah Adams Living on Earth Host: Steve Curwood 89.7 WKSU | NPR.Classical.Other smart stuff. A Service of Kent State University