FOR IMMEDIATE RELEASE
May 20 2015
Contact: Stephanie Fleming, (573) 526-0949
Kander Shuts Down St. Louis Investment Scheme
Jefferson City, Mo. — Secretary of State Jason Kander today shut down an investment scheme run by Robert Stack Beyer, II and his company The Heroic Life Assurance Company, LLC, for selling unregistered securities. Beyer defrauded four investors in excess of $329,000 and commingled their funds with his personal expenses.
"No amount of caution is too much when it comes to protecting your savings," Kander said. "If someone offers to sell you an investment, call my office to see if they are registered because it is a major warning sign, along with being illegal, if they are not."
The cease and desist order alleges Beyer solicited investors for an investment opportunity in Heroic Life Assurance. Beyer told at least one investor there was no risk of losing the initial investment and promised an eight percent return on the investment. The order also alleges Beyer facilitated the surrender of an annuity policy from Washington National, which resulted in a loss of more than $37,000 in surrender charges, in order to invest funds in Heroic Life Assurance.
Further, the investigation by Kander’s office revealed investors’ funds were deposited into a Heroic Life Assurance account and were commingled with Beyer’s personal funds. Beyer used these funds to pay for parking violations, restaurants, department stores, cellphone expenses, auto repairs and FunForSingles.com, among others. He also wrote more than $92,000 in checks to himself and made cash withdrawals of nearly $20,000.
The order alleges the investments Beyer offered and sold while working for Heroic Life Assurance, LLC, were not registered. Some of the investors Beyer solicited had been his clients at Oakbridge Financial Services, Inc.
Kander’s order seeks restitution, fines and the cost of the investigation.
On Oct. 8, 2014, Robert Beyer was indicted in federal court on one count of wire fraud and one count of unlawful monetary transactions. In September 2014, Beyer was barred from association with any member of the Financial Industry Regulatory Authority ("FINRA").
For more information, call 1-800-721-7996 or visit www.MissouriSafeSavings.com
Visit www.sos.mo.gov to learn more about the Office of the Missouri Secretary of State.