JEFFERSON CITY – The Missouri Secretary of State Securities Division is warning the public of a Columbia man who has allegedly scammed hundreds of thousands of dollars from investors.
Secretary of State Jay Ashcroft says David Edward Fenton and his company has allegedly scammed more than $400,000 in securities to 19 investors.
Between Nov. 1, 2014, and Jan. 31, 2016, Fenton allegedly sold the securities to investors in Iowa, Indiana and Missouri to raise initial funding for his proposed hazardous and medical waste disposal company, Steri Med Solutions.
Fenton also allegedly received funds from one Columbia couple but never provided confirmation of their investment or a return of their invested funds.
He is accused of misappropriating a significant portion of the funds for his own personal benefit instead of advancing the interests of his company.
The securities division is seeking a final order for $118,000 in civil penalties, $420,000 plus interest in restitution and costs associated with the investigation.
“The offering of securities can include many different products, from promissory notes and investment contracts to stocks,” Ashcroft said in a news release. “Always check out anyone who solicits you for investments. Ask questions and get answers before you hand over your money.”
Ashcroft urges investors to call the toll-free investor…
