Huron man pleads guilty in Chill-Can investment scheme
Garry Savage Sr., a resident of Huron, recently pleaded guilty to 23 criminal counts in connection with an investment scheme tied to the failed Chill-Can plant in downtown Youngstown. The Ohio Department of Commerce Division of Securities reported that Savage entered his guilty plea for both himself and his company, Coast to Coast Chill Inc., following an investigation and criminal referral to the Ohio Attorney General’s Office.
The scheme involved diverting investor funds for personal use, repayment to other investors, and the omission of critical information from investors. According to a November 2021 indictment, Savage sold investments to 18 Ohio investors in Coast to Coast Chill, Inc., with the intention for these funds to be invested in the Joseph Company International to build a manufacturing facility for self-chilling beverage cans in Youngstown. Unfortunately, investors’ funds were misappropriated.
Ohio Securities Commissioner Andrea Seidt emphasized the importance of securities laws in protecting investors from fraud and deceit, stating that such schemes will not be tolerated. Savage pleaded guilty to multiple counts, including securities fraud, sales of unregistered securities, fraudulent conduct, and theft. Due to his plea, all remaining counts were dismissed.
Savage is currently being held in the Erie County Jail, where he has been since August 2022. His sentencing is set for December 30 at 10:30 a.m., as confirmed by the Ohio Department of Commerce.
In regards to the former Chill-Can plant site, the recent sheriff’s sale was canceled. The city of Youngstown plans to file a court motion to utilize the Mahoning County auditor’s appraised value for a future sale, as the value of the property remains undetermined due to issues with appraisals.
With multiple stakeholders involved in the property parcels surrounding the location, the city is eager to resolve the matter and potentially purchase the property for future development. The city’s efforts to collect outstanding debts and address unpaid property taxes are ongoing, with hopes to revitalize the lower East Side of Youngstown.
Despite the setbacks and complications, efforts are underway to navigate through the legal processes, resolve financial obligations, and seek opportunities for future development at the site. Stay tuned for updates as the situation continues to unfold.
