A cease and desist order has been issued against a Republic, Missouri man by Secretary of State Jay Ashcroft.
Theodore Jay Eddings, a hunting guide, must show why he should not face restitution, civil penalties, costs, and other administrative relief after several investors were allegedly defrauded.
A release from Ashcroft’s office says, “Between April 2017 and October 2018, Eddings raised at least $50,500 for two entities he claimed to own and operate, only one of which was an actual registered business. Eddings raised the funds by selling investments in the form of investment contracts and promissory notes to eight individuals across five states, including one Missouri investor.
The entities were promoted by Eddings on Facebook as deer and turkey hunt providers in Missouri. When individuals would contact Eddings for services, he would then solicit investments into the businesses. Once the funds were received, Eddings then misappropriated the funds for his own personal benefit. He also made material misstatements and omissions in connection with the sale of the securities.
The securities division seeks a final order prohibiting Eddings from further violations of the Missouri Securities Act, as well as $53,500 in restitution with interest, civil penalties, investigation costs and other administrative relief.
Investment scams include Ponzi schemes and stock swindles, but fraudsters will also target friends and associates that have common recreational interests as well, typically offering up a deal too good to pass up,” said Missouri Commissioner of Securities David Minnick. “Always check out anyone who solicits investment opportunities or gives financial advice.”
Investors are urged to call a toll-free-protection hotline at 800-721-7996 or visit missouriprotectsinvestors.com.