Secretary of State’s securities division alleges Columbia man scammed investors in hazardous and medical waste company
JEFFERSON CITY, Mo. (KMIZ)
The Missouri Secretary of State’s Securities Division has made a request to a judge as to why civil penalties, restitution, costs and other administrative relief should not be imposed against Steri Med Solutions LLC and David Edward Fenton, DVM.
According to a release by the Secretary of State’s Office that between Nov. 1, 2014, and Jan 31, 2016, Fenton, a Columbia resident, allegedly sold more than $400,000 in securities to a total of nineteen 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 nor a return of their invested funds.
Fenton 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 from Commissioner David Minnick 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,” said John Ashcroft in a release. “Always check out anyone who solicits you for investments. Ask questions and get answers before you hand over your money.”
