Carnahan warns of misleading investment pitch

Following a series of complaints to the state Securities Division, Missouri Secretary of State Robin Carnahan is warning Missourians to be careful about investing in oil and gas ventures.

Promoters have been making unsolicited calls to Missouri residents, looking to raise money to finance oil drilling projects, but many of the investments are misleading and come with high risk levels, according to a news release from Carnahan's office.

Some of the promoters making the calls have had previous run-ins with state and federal regulators over similar schemes, the release said.

"Energy investments may seem exciting, but all too often the promises of high returns are just a tactic to get your money," Carnahan said in the release. "If anyone tells you to invest in oil, gas, or alternative energy, contact my office to make sure the investment is properly registered before you hand over your savings."

Some promoters are unregistered because they claim exemption from state and federal regulation, but other states have filed action, the release said. Carnahan's office has ongoing investigations into several drilling offers.

Carnahan's office is tasked with protecting investors from fraud, and consumers are encouraged to visit the Secretary of State's Missouri Investor Protection Center at the address below.