Morgan Keegan will pay a $850,000 settlement for Mamtek fraud

11 months 1 week 5 days ago February 08, 2016 Feb 8, 2016 Monday, February 08 2016 Monday, February 08, 2016 2:55:00 PM CST in News
By: Fan Feng, KOMU 8 Digital Producer

JEFFERSON CITY – Morgan Keegan will pay $850,000 for Mamtek securities fraud.

Secretary of State Jason Kander announced on Monday that Morgan Keegan & Co., Inc. would pay a total of $850,000 settlement for the defaulted bonds sold by the Mamtek sucralose factory in Moberly, including $750,000 to Missouri’s general revenue fund.

In addition, Morgan Keegan has hired an expert to review its municipal bond underwriting procedures and will implement any suggested changes by Kander’s office to prevent similar situations in the future.

“My office will continue to make sure that financial institutions do business in a responsible ethical way in Missouri,” Kander said.

In 2010, Moberly issued $39 million in bonds to finance the Mamtek sucralose factory’s construction. Morgan Keegan helped Moberly prepare its bond offerings and sold them to the public. In 2013, Kander filed a lawsuit in Boone County Circuit Court against Morgan Keegan, alleging the company failed to examine Mamtek’s business plan critically and inform the investors about the risks.

Kander filed his own lawsuit and his settlement is to ensure Morgan Keegan will conduct future securities offerings adequately. Morgan Keegan has settled separately with Missouri investors who lost millions in the incident.

 

More News

Grid
List
COLUMBIA – Missouri is the only state without a prescription drug-monitoring program in place, but officials in Columbia are hoping... More >>
8 hours ago January 20, 2017 Jan 20, 2017 Friday, January 20 2017 Friday, January 20, 2017 6:34:00 PM CST in News
COLUMBIA - At their Jan. 10 Court en Banc meeting, the judges of the 13th Judicial Circuit elected their new... More >>
9 hours ago January 20, 2017 Jan 20, 2017 Friday, January 20 2017 Friday, January 20, 2017 5:39:00 PM CST in News
COLUMBIA - A Columbia man has pled guilty Friday to three counts of sexual exploitation of a minor, one count... More >>
10 hours ago January 20, 2017 Jan 20, 2017 Friday, January 20 2017 Friday, January 20, 2017 4:43:00 PM CST in Top Stories
UNION, Mo. (AP) — Authorities in eastern Missouri are investigating after a body was found in a river. The... More >>
10 hours ago January 20, 2017 Jan 20, 2017 Friday, January 20 2017 Friday, January 20, 2017 3:55:00 PM CST in News
COLUMBIA - All across the country televisions were set to the presidential inauguration to see Donald Trump take office. Craig... More >>
11 hours ago January 20, 2017 Jan 20, 2017 Friday, January 20 2017 Friday, January 20, 2017 3:20:00 PM CST in News
KANSAS CITY, Mo. (AP) — Authorities are investigating the case of a 53-year-old woman who died while detained in a... More >>
11 hours ago January 20, 2017 Jan 20, 2017 Friday, January 20 2017 Friday, January 20, 2017 3:18:00 PM CST in News
COLUMBIA - Students and representatives from more than 15 local organizations gathered at the University of Missouri Friday for a... More >>
11 hours ago January 20, 2017 Jan 20, 2017 Friday, January 20 2017 Friday, January 20, 2017 3:04:00 PM CST in News
TROY, Mo. (AP) — An eastern Missouri woman has been placed on probation for helping stage her son's fake kidnapping... More >>
12 hours ago January 20, 2017 Jan 20, 2017 Friday, January 20 2017 Friday, January 20, 2017 2:46:00 PM CST in News
COLUMBIA - One of Columbia's most-traveled roads, Business Loop 70, is set to go through a beautification process. Before... More >>
13 hours ago January 20, 2017 Jan 20, 2017 Friday, January 20 2017 Friday, January 20, 2017 1:40:00 PM CST in News
BRANSON, Mo. (AP) — A concrete truck driver has been charged in a deadly crash about a mile east of... More >>
15 hours ago January 20, 2017 Jan 20, 2017 Friday, January 20 2017 Friday, January 20, 2017 11:23:55 AM CST in News
ST. LOUIS (AP) — The FBI is investigating after hackers blocked the St. Louis Public Library's server. The... More >>
17 hours ago January 20, 2017 Jan 20, 2017 Friday, January 20 2017 Friday, January 20, 2017 9:34:02 AM CST in News
COLUMBIA - Police are investigating an attempted armed robbery at the Eagle Stop gas station on Providence Road at I-70.... More >>
17 hours ago January 20, 2017 Jan 20, 2017 Friday, January 20 2017 Friday, January 20, 2017 9:18:00 AM CST in News
KINLOCH (AP) — A 17-year-old St. Louis County resident is charged with first-degree murder and other crimes in the July... More >>
17 hours ago January 20, 2017 Jan 20, 2017 Friday, January 20 2017 Friday, January 20, 2017 9:00:02 AM CST in News
ST. LOUIS (AP) — A woman who aids breast cancer survivors in the St. Louis area by creating tattoos of... More >>
18 hours ago January 20, 2017 Jan 20, 2017 Friday, January 20 2017 Friday, January 20, 2017 8:11:00 AM CST in News
INDEPENDENCE (AP) — Authorities say a Kansas City man has been charged in the 2013 death of a 22-year-old man... More >>
19 hours ago January 20, 2017 Jan 20, 2017 Friday, January 20 2017 Friday, January 20, 2017 6:53:22 AM CST in News
COLUMBIA – On Friday, president-elect Donald Trump will officially take the oath of office in Washington D.C. for President of... More >>
1 day ago January 19, 2017 Jan 19, 2017 Thursday, January 19 2017 Thursday, January 19, 2017 9:58:00 PM CST in News
COLUMBIA - The U.S. Department of Agriculture released a new set of regulations on Wednesday that clarifies standards for living... More >>
1 day ago January 19, 2017 Jan 19, 2017 Thursday, January 19 2017 Thursday, January 19, 2017 6:49:00 PM CST in News
COLUMBIA - The Columbia/Boone County Health and Human Services Department tracked a decrease in mumps cases reports when MU students... More >>
1 day ago January 19, 2017 Jan 19, 2017 Thursday, January 19 2017 Thursday, January 19, 2017 6:42:00 PM CST in News
Columbia, MO
Broken Clouds 51°
3am 47°
4am 46°
5am 47°
6am 47°

Select a station to view its upcoming schedule:

Coming Up Next

2:07a
Today
3:00a
Mad Money
4:00a
LX.TV: 1st Look
2:30a
Paid Program
3:00a
Paid Program
3:30a
Paid Program

Tonight's Schedule

7:00p
Figure Skating
7:00p
Family Guy
7:30p
Family Guy
8:00p
Bob's Burgers
8:30p
Bob's Burgers
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld