For immediate release: June 29, 2021
Contact: JoDonn Chaney, Communications Director
Ashcroft Recognizes Investigation by Securities Division in Ponzi Scheme Case
Jefferson City, Mo. — Secretary of State Jay Ashcroft applauded his Securities Division today for their work that contributed to a lengthy prison sentence for a former Missouri CPA that defrauded investors in the Lebanon area in April 2017.
Douglas A. Richardson was sentenced in a Springfield federal court on June 10 to more than 15 years in prison and ordered to pay millions in restitution to his victims.
In March 2017, Ashcroft announced that an investigation by the Securities Division found that Richardson had personally solicited at least 21 investors, most from Lebanon, Mo. Richardson had promised investors a short turnaround and good return with an interest rate as high as 12 percent. Many investors did not receive any of the promised returns--Richardson used them to pay back other investors or for personal use.
Richardson was ordered by the division in August 2017 to show cause why restitution of more than $4 million, civil penalties and costs should be imposed.
“I am very thankful for the diligence and expertise in this case shown by the Securities Division,” Ashcroft said. “Our office works hard to protect Missouri investors and this is just another example.”
Ashcroft urges 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.
Visit www.sos.mo.gov to learn more about the Office of the Missouri Secretary of State.