Investment Scam Costs Missouri Couple $60,000
Jefferson City, Mo. — Secretary of State Jay Ashcroft’s Securities Division ordered Cutting Edge Supplements, LLC, and Desmond R. Bloss to cease and desist after allegedly misusing a $60,000 investment from a Missouri couple.
Between November 28, 2016 and June 30, 2017, Bloss allegedly solicited and received investment monies from a Sumner, Missouri couple to be used for his business, Cutting Edge Supplements, LLC. Bloss was introduced to the couple through a mutual friend and maintained contact through social media and email in the months leading up to the fraud.
Bloss misled the investors by telling them their money would be used for specific business purposes, but instead used the money for a different business and for personal expenses. To date, the investors have not received any return or repayment of their principal investment.
The division is seeking an order to cease and desist, $60,000 in restitution, interest, $25,000 in civil penalties and investigation costs.
“Investing with friends and close associates is no less fraught with risks than investing with strangers,” said Missouri Securities Commissioner David Minnick. “Be careful when you invest your hard-earned money, even if it’s with someone you think you know.”
Secretary Ashcroft continues to urge Missouri investors to call the toll-free investor protection hotline at 800-721-7996 or go online to www.missouriprotectsinvestors.com for more information or to file a complaint.