FOR IMMEDIATE RELEASE
Wednesday, February 22, 2006
Contact: Stacie Temple, (573) 526-5076
Contact: Matt Kitzi, (573) 526-1301
Carnahan's Office Orders Couple in Clever, Missouri to Stop Selling Unregistered Securities
Jefferson City, Missouri -– Secretary of State Robin Carnahan's Commissioner of Securities Matt Kitzi recently issued a Cease and Desist Order against Jim and Linda Porterfield of Clever, Missouri as well as several of their companies, for offering and selling unregistered, nonexempt securities in Missouri.
The order alleges that Jim Porterfield persuaded a Missouri resident to invest more than $65,000 in savings and credit card checks with the Porterfields' cellular and telecommunications companies.
According to the order, the Porterfields used the Missouri resident's funds for personal gain, including rent and car payments, rather than for business-related activities as promised. The Missouri resident requested a cancellation of his contract with Porterfield and a return of his money, but has not recovered his money to date.
In addition, the order states that Porterfield unsuccessfully tried to solicit a similar investment from another Missouri resident.
Neither Porterfield nor the investment products he offered were registered with the Missouri Securities Division or exempt from such registration. The companies included in the order were Porterfield Investments Inc., Dove Enterprises Inc., Southwest Cellular Inc., and Tele-America LLC.
"To protect their hard-earned money from scams such as this, I encourage investors to contact the Securities Division to confirm that both the investment broker and the investment are registered with the state," said Carnahan. "There are some registration exceptions, but it is better to play it safe and ask questions up front," she added.
For more information regarding investments and fraud protection or for information regarding a company or representative, visit the Secretary of State's Web site at www.sos.mo.gov/securities or call the toll free Investor Hotline at 1-800-721-7996.
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