FOR IMMEDIATE RELEASE
Wednesday, June 01, 2005
Contact: Stacie Temple, (573) 526-5076
Contact: David Cosgrove, (573) 751-4704
Carnahan Issues Cease and Desist Order Against Global Power Global Wealth Enterprises and Global Wealth Investments
Jefferson City, Missouri -- Secretary of State Robin Carnahan's Commissioner of Securities, David B. Cosgrove, issued a Cease and Desist Order Tuesday against Belleville, Illinois resident Andre E. Mitchell, who was selling unregistered securities in St. Louis, Missouri.
Mitchell offered promissory notes to Missouri investors through his businesses Global Power Global Wealth Enterprises ("GPGW") and Global Wealth Investments ("GWIZ").
"Unregistered investment products and promissory notes offering inflated returns are two of the ten most common ploys being used to cheat Missouri investors out of millions of dollars each year," said Carnahan.
The order alleges that GWIZ engaged in the business of raising capital to start real estate and small business ventures.
Records obtained by the Securities Division indicate that several Missourians invested in promissory notes with GWIZ. However, the documents do not give full disclosure and include false statements.
Mitchell and his companies promised investors returns of 500% to 800% in four to 12 months.
"Secretary Carnahan's Securities Division is working diligently to educate and protect investors regarding these types of investment opportunities. It pays to remember that if an investment sounds too good to be true, it probably is," said Cosgrove
For more information regarding investments and fraud protection, 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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