Columbia man agrees to pay restitution to defrauded investors from three states
JEFFERSON CITY, Mo. (KMIZ)
A Columbia man has agreed to pay back over $635,000 in restitution to defrauded investors.
According to a release from the Missouri secretary of state’s securities division, David Edward Fenton has agreed to pay $635,592.33 in restitution, including interest and $139,000 to the Missouri Secretary of State Investor Education Protection Fund including investigation costs of $20,000.
Between November 1, 2014, and January 31, 2016, Fenton defrauded a total of 19 investors from Iowa, Indiana and Missouri to raise initial funding for his proposed hazardous and medical waste disposal company, Steri Med Solutions. A total of $420,000 in securities were offered and sold. Fenton misappropriated a significant portion of the funds for his own personal benefit instead of advancing the interests of Steri Med and the investors.
A Columbia couple who passed away was never provided confirmation of their investment, nor were their funds returned by Fenton. Along with nine of the other investors, this couple were over 60 years of age and either family members or close associates of Fenton.
