Kander Issues Cease and Desist Order Against Mamtek Firm

3 years 5 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

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
ST. LOUIS (AP) — A grant worth nearly $24 million from the National Science Foundation will fund a collaboration between... More >>
36 minutes ago September 26, 2016 Sep 26, 2016 Monday, September 26 2016 Monday, September 26, 2016 3:14:26 PM CDT in News
TOPEKA, Kan. (AP) — Stockholders have approved the $12.2 billion sale of Topeka-based electric company Westar Energy to Missouri-based Great... More >>
54 minutes ago September 26, 2016 Sep 26, 2016 Monday, September 26 2016 Monday, September 26, 2016 2:56:25 PM CDT in News
IRON MOUNTAIN LAKE, Mo. (AP) — The body of an eastern Missouri man who went missing while fishing has been... More >>
1 hour ago September 26, 2016 Sep 26, 2016 Monday, September 26 2016 Monday, September 26, 2016 2:32:18 PM CDT in News
COLUMBIA — The Columbia Housing Authority has completed its first fully-renovated public housing project. It is part of the Stuart... More >>
1 hour ago September 26, 2016 Sep 26, 2016 Monday, September 26 2016 Monday, September 26, 2016 2:21:00 PM CDT in News
COLUMBIA — In my job, I get the opportunity to visit different companies to provide health and wellness programming for... More >>
1 hour ago September 26, 2016 Sep 26, 2016 Monday, September 26 2016 Monday, September 26, 2016 1:57:54 PM CDT in News
ST. LOUIS (AP) — A former St. Louis school board member has been appointed to a post on the Special... More >>
4 hours ago September 26, 2016 Sep 26, 2016 Monday, September 26 2016 Monday, September 26, 2016 11:05:00 AM CDT in News
ST. LOUIS (AP) — Another lawsuit alleging that a woman's use of talcum powder caused cancer is this week in... More >>
4 hours ago September 26, 2016 Sep 26, 2016 Monday, September 26 2016 Monday, September 26, 2016 10:53:02 AM CDT in News
FESTUS (AP) — The bills were unpaid, the phones shut off, trash piled up and eventually, food ran out. The... More >>
6 hours ago September 26, 2016 Sep 26, 2016 Monday, September 26 2016 Monday, September 26, 2016 9:37:28 AM CDT in News
COLUMBIA — Several Missouri public health professionals and administrators, including those with the Missouri Public Health Association (MPHA) and the... More >>
6 hours ago September 26, 2016 Sep 26, 2016 Monday, September 26 2016 Monday, September 26, 2016 9:05:00 AM CDT in News
CLAYTON (AP) — A St. Louis County woman is charged with second-degree murder in the stabbing death of her boyfriend.... More >>
6 hours ago September 26, 2016 Sep 26, 2016 Monday, September 26 2016 Monday, September 26, 2016 8:56:00 AM CDT in News
COLUMBIA — Affordable housing experts are concerned by a spike in the real estate market. "We see folks who... More >>
7 hours ago September 26, 2016 Sep 26, 2016 Monday, September 26 2016 Monday, September 26, 2016 8:34:00 AM CDT in News
ST. LOUIS (AP) — St. Louis police are looking for suspects after more than 100 vehicles were damaged over the... More >>
8 hours ago September 26, 2016 Sep 26, 2016 Monday, September 26 2016 Monday, September 26, 2016 7:36:20 AM CDT in News
DELLWOOD (AP) — A fire at a popular St. Louis-area restaurant is under investigation. Fire brook out early Sunday... More >>
8 hours ago September 26, 2016 Sep 26, 2016 Monday, September 26 2016 Monday, September 26, 2016 7:31:04 AM CDT in News
CAPE FAIR (AP) — Authorities say a man has died after falling off a small boat into Table Rock Lake.... More >>
8 hours ago September 26, 2016 Sep 26, 2016 Monday, September 26 2016 Monday, September 26, 2016 7:26:09 AM CDT in News
PATTON (AP) — Authorities say two people riding on a motorcycle have been killed in a head-on crash in southeast... More >>
8 hours ago September 26, 2016 Sep 26, 2016 Monday, September 26 2016 Monday, September 26, 2016 7:23:04 AM CDT in News
KANSAS CITY (AP) — Authorities are investigating a homicide in Kansas City. Police said in a news release that... More >>
9 hours ago September 26, 2016 Sep 26, 2016 Monday, September 26 2016 Monday, September 26, 2016 6:44:58 AM CDT in News
ORLANDO, Fla. (AP) — The Florida Highway Patrol says a Missouri couple is dead and their two young daughters are... More >>
9 hours ago September 26, 2016 Sep 26, 2016 Monday, September 26 2016 Monday, September 26, 2016 5:57:51 AM CDT in News
MIAMI — Arrowheads, metates and tomahawks were all on display Sunday afternoon in Miami. Missouri's American Indian Cultural Center... More >>
18 hours ago September 25, 2016 Sep 25, 2016 Sunday, September 25 2016 Sunday, September 25, 2016 9:46:00 PM CDT in News
Columbia, MO
Broken Clouds 74°
4pm 72°
5pm 72°
6pm 69°
7pm 65°

Select a station to view its upcoming schedule:

Coming Up Next

3:00p
Dr. Phil
4:00p
Jeopardy!
4:30p
Jeopardy!
3:00p
The Robert Irvine Show
4:00p
Cops Reloaded
4:30p
The Cleveland Show

Tonight's Schedule

7:00p
The Voice
8:00p
NBC News: 2016 Presidential Debates
7:00p
Supergirl
8:00p
Supergirl
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld