A pair of New York stock brokers could face fines after making repeated cold calls to Missouri Secretary of State Robin Carnahan's Securities Division to solicit investments.
According to a news release from Carnahan's office, the brokers, Oleksiy Stetsura and Derek Robertson of the New York branch office of California-based Financial Network Investment Corp., are not registered to offer securities in Missouri, which is required by law.
The brokers called the same staff member in the Securities Division in August and again in November, the second time offering to transact a purchase over the phone and offering to be the staff member's personal broker, the release said.
Carnahan issued a cease and desist order to the brokers and the investment corporation. As a part of the order, the brokers and the company could be fined more than $30,000 for the violations of Missouri law, which states that agents must be registered in the state in which they solicit the sale of securities, or be exempt from registration.
Stetsura and Robertson also are being charged with failure to disclose material facets during their solicitations, including that they were not registered in Missouri.
"Missourians should take extreme caution when considering investment opportunities promoted through unsolicited telephone calls,” Carnahan said in the release, adding that more information can be found at the secretary of state's online investor protection center