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Securities News Releases
Monday, May 10, 2010
Contact: Laura Egerdal, (573) 526-0949
Contact: Abe Rakov, (573) 526-4734
Carnahan Takes Action against Campbell, Mo., Man Charged with Misusing Investor Savings, Lying to Investigators
Jefferson City, MO – Missouri Secretary of State Robin Carnahan today announced that officials in her office are seeking sanctions against Robert Corder, a Campbell, Mo., man who allegedly misused his investors' savings and lied to investigators.
In 2007, Corder convinced five Florida residents to invest with his company, R.C. Transport, LLC (“RCT”). He allegedly told the investors that their $180,000 would turn into $680,000 within 90 days, that their investment would be backed by U.S. Treasury bills, and that the investment was 100-percent secure with no risk involved.
Instead of investing the $180,000, Corder deposited the funds into his bank account for RCT, according to the Cease and Desist Order. He is charged with using the money from the RCT account to pay himself $83,000 and “Corder Trucking” $67,000. He also allegedly spent more than $30,000 on airline tickets and hotel rooms, and for purchases in restaurants, department stores and convenience stores.
“There is no place in Missouri for deceitful and fraudulent investment scams. Missourians deserve to know their money has been invested as promised,” Carnahan said. “I encourage anyone considering a new investment to call the Investor Protection Hotline to see if it is registered before they hand over their hard-earned savings.”
Prior to this action, Corder had already settled a Missouri Securities Division investigation in 2008. In that order, Corder stated that RCT had not received investments from any investors, which is contradicted by the new order – investors said they gave Corder their money in 2007. Filing a false statement in a Securities Division proceeding is a violation of the Missouri Securities Act.
In the order issued today, the Securities Division is seeking to require Corder, his company and the other respondent, Michael A. Santiago (a/k/a Mike Santee) to repay their investors. They also face more than $100,000 in possible penalties for multiple violations of Missouri securities law.
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