Securities News Releases
Monday, March 18, 2013
Contact: Communications Department, (573) 526-0949
Kander Recovers $75,000 for Investor’s 82-Year-Old Widow
Consent Order also Bars Agent from Activity in Missouri
Jefferson City, MO –Secretary of State Jason Kander announced that his Securities Division has recovered $75,000 for the 82-year-old widow of an investor and barred Vernon Pogue from registering as an agent in Missouri as part of a consent order with an Iowa firm
“I will not stand for companies and agents that take advantage of Missourians,” Kander said. “Agents have to disclose the risk of investments to their clients, and I will continue to pursue those who do not.”
According to the order, Berthel, Fisher & Company Financial Services of Marion, Iowa, employed Pogue from 1993 until 2012 to work as an agent in Neosho. According to the order, Pogue advised a 78-year-old Neosho man suffering from Parkinson’s disease to invest in undeveloped land in Idaho. Pogue also told him that the investment had no risk.
Berthel, according to the order, failed to properly supervise Pogue in the sale by failing to properly train Pogue in selling nonconventional products to elderly investors.
In addition to the $75,000 the order returns to the investor’s widow, Berthel is paying an additional $5,000 to the Missouri Investor Education Fund. The order also requires Berthel to hire an outside consultant to review all policies pertaining to the training and sale of private placements, complex and nonconventional products to investors and requires Berthel to implement the policy suggestions.
The order also bars Pogue from registering as a broker-dealer agent or investment advisor in the State of Missouri.
For more information regarding investments and fraud protection, or for information regarding a company or representative, visit the Secretary of State’s online 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