Kander Issues Cease and Desist Order Against Mamtek Firm

3 years 11 months 3 weeks ago April 04, 2013 Apr 4, 2013 Thursday, April 04 2013 Thursday, April 04, 2013 11:42:00 AM CDT in News
By: Micah Smith
loading

JEFFERSON CITY - Missouri Secretary of State Jason Kander issued a cease and desist order Thursday against Morgan Keegan & Co., Inc. for its involvement in the botched Mamtek investment in Moberly. The order alleges that Morgan Keegan did not adequately inform investors of the risks involved in purchasing bonds for the Mamtek sweetener factory in Moberly. Kander said this cost Missouri investors more then $6.5 million.

The cease and desist order stops Morgan Keegan from leaving out important facts when selling bonds to investors and requires the company to thoroughly investigate bond offerings.

A news release from the Missouri Secretary of State's Office alleged that Morgan Keegan misrepresented claim that there was an operating facility in China. But upon investigation, the state government was unable to prove that the facility existed.

Kander stated Morgan Keegan told investors that its bonds were backed by Mamtek's patents, but Mamtek does not have any patents. Kander also stated Morgan Keegan falsely claimed that Moberly would pay back investors bonds if Mamtek failed.

Kander said other states where Morgan Keegan operates are starting to investigate the companies bond sales in Moberly.

More News

Grid
List
JEFFERSON CITY - A bill looking to remove construction worker payment restrictions on contractors is moving along in the capitol... More >>
1 hour ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 7:09:00 PM CDT in News
COLUMBIA - Crews responded to a vehicle fire on northbound Highway 63 in Columbia around 6:30 Tuesday evening, just south... More >>
1 hour ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 7:09:00 PM CDT in News
KANSAS CITY (AP) — Federal prosecutors allege that two Kansas City men killed a man after kidnapping him and attempting... More >>
1 hour ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 6:49:00 PM CDT in News
JEFFERSON CITY (AP) — A Missouri appeals court panel said utility regulators had no authority to grant conditional approval for... More >>
2 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 6:08:00 PM CDT in News
BUNCETON - A water leak that occurred around 5 p.m. on Tuesday forced the city to turn off the water... More >>
2 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 5:49:00 PM CDT in News
JEFFERSON CITY (AP) — A Missouri woman who used her neighbor's home to receive a fraudulent loan was convicted of... More >>
4 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 3:44:00 PM CDT in News
JEFFERSON CITY (AP) — The Missouri House gave initial approval to a bill that would overturn a St. Louis ordinance... More >>
5 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 3:33:00 PM CDT in News
JEFFERSON CITY – On April 4, Cole County voters will see two propositions on the ballot designed to improve Jefferson... More >>
5 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 3:28:00 PM CDT in News
COLUMBIA – The U.S. Fish and Wildlife Service placed native bumblebees on the endangered species list at the start of... More >>
5 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 3:06:00 PM CDT in News
ST. LOUIS (AP) — Police said an investigation found that a man apparently fatally shot the mother of his children... More >>
6 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 2:20:00 PM CDT in News
JEFFERSON CITY (AP) — Missouri Gov. Eric Greitens says people should have the option of getting IDs that allow them... More >>
6 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 1:49:00 PM CDT in News
JEFFERSON CITY (AP) — Missouri's Republican-led House has endorsed a bill to repeal the state's "prevailing wage" requirements for public... More >>
6 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 1:45:00 PM CDT in Continuous News
JEFFERSON CITY (AP) — Gov. Eric Greitens said he's still against expanding eligibility for Medicaid in Missouri following failed efforts... More >>
7 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 1:17:00 PM CDT in News
JEFFERSON CITY (AP) — A new Missouri law will change the standard for vetting expert witnesses in jury trials. ... More >>
7 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 1:06:00 PM CDT in News
JEFFERSON CITY - As Missouri legislators debate the merits of a state prescription drug monitoring program, five of the nation's... More >>
7 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 12:53:00 PM CDT in News
KANSAS CITY (AP) — A Kansas City man has been convicted for his role in a shooting that left two... More >>
7 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 12:45:00 PM CDT in News
STURGEON - The Sturgeon Board of Aldermen voted to remove Greg Halderman from his position as police chief by a... More >>
8 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 12:15:00 PM CDT in News
CALIFORNIA - A Kansas City man was arrested on suspicion of burglary Tuesday morning after attempting to evade police. ... More >>
8 hours ago March 28, 2017 Mar 28, 2017 Tuesday, March 28 2017 Tuesday, March 28, 2017 11:50:00 AM CDT in Top Stories
Columbia, MO
Broken Clouds 56°
9pm 56°
10pm 55°
11pm 55°
12am 54°

Select a station to view its upcoming schedule:

Coming Up Next

8:01p
Trial & Error
8:30p
Trial & Error
9:00p
Chicago Fire
8:00p
DC's Legends of Tomorrow
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld

Tonight's Schedule

7:00p
The Voice
8:01p
Trial & Error
8:30p
Trial & Error
9:00p
Chicago Fire
7:00p
The Flash
8:00p
DC's Legends of Tomorrow
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld