(From Secretary of State Jay Ashcroft)
Secretary of State Jay Ashcroft’s Securities Division issued a consent order against George Myers Jr., of Springfield, after he misled a Missouri investor in the sale of $37,500 in securities.
The order states that from approximately September 2016 to June 2017 Myers offered and sold a total of $37,500 in securities to a Missouri resident in the form of promissory notes.
Myers solicited funds on a number of occasions, promising several times that the investor would receive returns once Myers finalized his divorce, which he stated would grant him $1.3 million in assets.
In fact, Myers’ divorce had been finalized on Feb. 9, 2016, and on May 31, 2017, he was held in contempt for willfully, unlawfully and intentionally failing to comply with the February order. The investor was promised returns totaling $88,121 and to date has not received any returns.
Under the order, Myers will pay $88,121 in restitution to the investor, representing all of the money loaned and returns promised. Myers will also pay a civil penalty of $5,000, and is barred from registering as an investment agent in Missouri.
“Our division seeks to stop illegal conduct and help make aggrieved investors whole again, and we did just that in this case,” Securities Commissioner David M. Minnick said. “Investors should inquire about the registration status of their adviser, agent, firm and investment product before investing. A call to our office could prevent real investor harm from ever happening.”
Ashcroft urges all investors to know the risks. If you have any questions about an investment opportunity or wish to check the background and registration status of a financial adviser, please call the toll-free investor protection hotline at 800-721-7996, or go online to www.missouriprotectsinvestors.com to file a complaint.
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