Secretary of State Jay Ashcroft’s Securities Division issued a consent order against Michael Peregrine and a final order to cease and desist against Owen K. Stephenson after Peregrine, aided by Stephenson, sold unregistered, non-exempt securities to a Rock Port, Missouri, investor.
The orders state that Peregrine solicited the investor, a longtime friend, to buy $100,000 of common stock in a mining company with which Peregrine was associated. Peregrine, from Westboro, Missouri, made untrue statements, omitted material facts and engaged in fraud. Stephenson, from Rohnert Park, California, received funds in connection with the sale of the securities and materially aided Peregrine.
“Even if you think you know someone, you should still make sure you check their securities registration status,” Securities Commissioner David M. Minnick said. “They may not be giving you all the facts. If an investment sounds too good to be true, it probably is.”
Under the consent order, Peregrine will pay $100,000 in restitution, $36,048.90 in interest and $4,364.70 in investigation costs. In addition, Peregrine will pay $5,000 to the Investor Education and Protection Fund.
The division ordered Stephenson to pay $10,000 in civil penalties, $100,000 in restitution, $36,048.90 in interest and $4,364.70 in investigation costs.
Ashcroft urges all investors to know the risks. If you have any questions about an investment opportunity or wish to check the background and registration status of a financial adviser, please call the toll-free investor protection hotline at 800-721-7996, or go online to www.missouriprotectsinvestors.com to file a complaint.
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