Attorney general charges businessman with $1M fraud scheme

Missouri Attorney General Andrew Bailey's office has charged a businessman with allegedly running a fraud scheme that resulted in $1.1 million in losses to victims in Stone and Taney counties.

David Lott, 67, is accused of allegedly defrauding investors through his business, Missouri Holding Group Inc., according to a news release. Officials with Bailey's office say Lott is facing three counts of securities fraud and one count of stealing in Taney County and two counts of securities fraud, two counts of stealing and two counts of financial exploitation of an elderly person in Stone County.

Missouri Holding Group is registered by Lott in Branson West, according to Missouri secretary of state filings.

Lott is accused of allegedly selling investment contracts through his business that falsely promised high yields with quick return times. According to Bailey's office, Lott allegedly did not invest the client funds but instead used them for other business ventures and to pay for personal expenses.

“As attorney general, I will enforce the laws as written, which includes holding those who take advantage of innocent Missourians accountable,” Bailey said in the release. “We will continue to use every tool at our disposal to obtain justice for any Missourian who has been ripped off.”