State Rep. Peter Beck, chairman of the Ohio General Assembly Ways and Means Committee, has already pleaded not guilty to the earlier 16 felony charges, the Columbus (Ohio) Dispatch reported.
Thursday's indictments accuse Beck and several alleged co-conspirators of crimes including theft, perjury and fraud, Ohio Attorney General Mike DeWine and Hamilton County Prosecuting Attorney Joseph T. Deters said.
Beck, a Republican, is a former mayor of Mason, Ohio, He was appointed to the Legislature in 2009.
He has announced he will run for re-election.
The charges against Beck involve his alleged participation in a securities scheme that bilked investors out of about $200,000, prosecutors said.
Beck was chief financial officer of Christopher Technologies, a software firm that prosecutors say took money from investors without informing them the company was insolvent, WVXU-TV, Cincinnati, reported.
The company -- also known as CTech -- has also been indicted, along with TML Consulting of Cincinnati, Janet Combs of Cincinnati, and a church where Combs was pastor, Ark by the River Fellowship Ministries of Cincinnati, the Dispatch said.