Carnahan Order Targets Pet Care Company Securities
JEFFERSON CITY, Mo. (AP) -- Secretary of State Robin Carnahan is alleging that a Missouri pet products company has been selling unregistered stocks and bonds.
Carnahan said Thursday that Frank Renick and his Montgomery City-based companies have sold more than $6 million in unregistered securities and misled more than 700 investors in four states about the company's products.
The company operates as Spectrum Pet Care Inc. and several similar names. Renick did not immediately return messages seeking comment Thursday. Carnahan claims Renick told investors that Spectrum Pet Foods would "go public" and its stock value would double.
The secretary of state claims Renick also is trying to raise funds in California under the business name of Consolidated Food Group Inc. to try to pay back people who invested in Spectrum.