A person who headed a New Albany-based schooling consulting enterprise should pay again $2.248 million to individuals he defrauded on account of his conviction on theft prices in Franklin County Frequent Pleas Court docket.
A person who based a New Albany-based academic consulting enterprise should repay $2.25 million to traders he defrauded due to false and deceptive statements he made, the Franklin County prosecutor’s workplace stated.
Michael Neubig, 52, who lives in Higher Arlington, obtained a suspended 7 1/2-year jail sentence from Franklin County Frequent Pleas Decide Stephen L. McIntosh on Friday below the circumstances that he makes the restitution and complies with group management for 3 years.
Neubig additionally was sentenced to seven days every within the Franklin County jail through the weeks of Halloween, Thanksgiving and Christmas.
In June, Neubig pleaded responsible to 4 counts of theft — a third-degree felony — and one depend of unauthorized use of property, a fourth-degree felony.
A Franklin County grand jury initially indicted Neubig in October 2018 on account of an investigation by the Ohio legal professional common’s Bureau of Felony Investigation and the Ohio Division of Commerce’s Division of Securities.
The fraud concerned Neubig’s sale of investments in Seize Instructional Consulting Companies, Inc., a New Albany-based firm of which Neubig is founder and CEO. The corporate’s handle is listed at Innovate New Albany, a small enterprise incubator at 8000 Walton Parkway, simply north of Route 161.
Seize Instructional developed and offered ScheduleSMART software program to highschool techniques that allow them to make use of knowledge analytics from their digital pupil info similar to grades and check outcomes to enhance the effectivity and effectiveness of scheduling pupil lessons and enhance pupil, instructor and administrative efficiency, in line with firm supplies and a launch from Franklin County Prosecutor Ron O’Brien’s workplace.
Neubig was convicted for making false and deceptive statements to traders in Ohio and California, together with a number of angel funding funds that present seed cash to small tech enterprise startups.
Amongst those that helped fund ScheduleSMART was Columbus-based Ohio TechAngel Funds, Cleveland-based North Coast Angel Fund LLC, Dublin-based Quick Swap Ltd. and particular person traders. It was not instantly clear in the event that they have been amongst these defrauded.
Neubig additionally signed an settlement with United Kingdom-based Pearson Training, which has operations in Columbus and whose advertising and marketing efforts helped push the sale of — and investments in — ScheduleSMART.
However Neubig made false and deceptive statements concerning the monetary well being of his firm and the variety of college students utilizing the corporate’s scheduling platform. Neubig additionally didn’t reveal money circulation shortages, unfavorable financial institution balances, his true buyer base and payroll points, the prosecutor’s launch stated.
When Neubig pleaded responsible, he admitted to bilking three extra victims who weren’t named within the unique indictment.
In line with his LinkedIn web page, Neubig was a public college instructor, steerage counselor, administrator and coach at Westerville Metropolis Colleges for 15 years who began Capital Instructional as a result of he recognized a necessity to enhance the way in which college students’ lessons are scheduled in colleges.
“After 5 years of hands-on analysis and growth of processes,” Neubig said, he joined with expertise guide Gene Lawhun of Sunbury to develop the ScheduleSMART software program.