Securities News Releases

Tuesday, January 28, 2014
Contact: Laura Swinford, (573) 522-2592

Kander Announces Securities Division Achievements

Jefferson City, Mo. — Secretary of State Jason Kander today announced the 2013 achievements for the Securities Division, a division of his office. During the first year of his administration, Kander’s office worked to secure more than $4 million in restitution for Missouri investors and collected nearly $1 million in fines and penalties over the course of 127 investigations.

"Through the tireless work of my staff, many Missouri investors who were scammed now have their hard-earned money back," Kander said. "The Securities Division has pursued thieves and allegations of fraud, all while working to make the office more accessible."

Included in the money returned to investors is $1.9 million recovered after Ladue agent Greg Campbell made unauthorized transfers and withdrawals from clients’ accounts. Campbell was subsequently barred from the industry by Kander’s office, and after the case was referred to federal authorities, Campbell was sentenced to 38 months in prison. 

With the help of state and federal authorities, referrals from the Securities Division resulted in 15 individuals being sentenced to more than 119 years in jail for stealing from Missouri investors in 2013.

During his first month in office, Kander, along with Attorney General Chris Koster, filed suit against Standard & Poor’s to hold the company accountable for alleged misconduct involving the company’s rating of mortgage-backed securities, the products at the heart of the nation’s financial crisis. Additionally, Kander’s Securities Division initiated litigation against Morgan Keegan, alleging the company committed fraud in selling and underwriting bonds related to the failed Mamtek plant in Moberly, Mo.

The Securities Division also conducted 105 audits of Missouri-registered broker-dealers and investment advisors to ensure compliance with Missouri laws. Kander’s office managed the registration of 1,663 broker-dealers, 134,120 broker-dealer agents, 371 investment advisers, 1,234 federal-covered investment advisers and 9,670 investment adviser representatives, including 85 new broker-dealers, 39 new investment advisers, 118 new federal-covered investment advisers, 5,859 new broker-dealer agents and 817 new investment adviser representatives.

Kander also initiated a special hotline for Missouri farmers who have investment issues and concerns, and re-launched the Securities Division’s website to make it more user-friendly.

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 http://www.MissouriSafeSavings.com or call the toll free Investor Protection Hotline at (800) 721-7996.

 

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Visit www.sos.mo.gov to learn more about the Office of the Missouri Secretary of State.

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