FOR IMMEDIATE RELEASE
Tuesday, November 25, 2008
Contact: Laura Egerdal, (573) 526-0949
Contact: Ryan Hobart, (573) 526-4734
Carnahan Cracks Down on Independence Attorney’s Investment Scheme
Jefferson City, Missouri – Secretary of State Robin Carnahan today issued a consent order requiring Kent Desselle, an Independence, Mo. attorney, to pay back a widowed investor who lost over $400,000. The widow had entrusted her investments to Desselle in 1996, after her husband’s death.
Investigations by Carnahan’s office revealed that Desselle, who was not registered to sell securities, assured the widow that all investments would be low risk. As recently as 2007, she was told that value of her investments was over $560,000.
The widow wrote to Desselle in 2008 to ask for her money, stating “my future is depending on the money that is in your company.” At that time, Desselle admitted that he had lost the investment funds between 1996 and 2000.
“It’s important to call the Investor Protection Hotline to check out any person you are going to trust with your money,” said Carnahan. “Even if you think you know the person or their background, it’s now more important than ever before to research any investment as well as the person making the offer. Remember that if a deal sounds too good to be true, it probably is.”
The order requires Desselle to pay the wronged investor $560,000 in addition to making a payment of $15,000 to the state’s Investor Education and Protection Fund. The consent order can be viewed online at http://www.sos.mo.gov/securities/orders.
For more information regarding investments and fraud protection, visit the Secretary of State's online Missouri Investor Protection Center at www.MissouriSafeSavings.com or call the toll free Investor Protection Hotline at 1-800-721-7996.
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To find out more about Missouri’s Secretary of State’s office, visit www.sos.mo.gov
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