Secretary of state halts unregistered securities sales

Secretary of State Matt Blunt issued a cease and desist order Aug. 16 against James E. Rackley and his company, net-pluto.com, of Clever, for offering unregistered securities to a Missouri resident without a license, according to a news release.

Rackley owns net-pluto.com and used it to promote his business plan. He used the Internet name TrueTwoTheGame to solicit investors.

On May 22, the Missouri resident saw Rackley's Internet newsgroup advertisements.

The Missouri resident contacted Rackley and was told, among other things, that Rackley was trying to raise money to invest in net-pluto.com and that his business plan could be viewed on that Web site; Rackley needed $750 minimum to get his company off the ground; the Missouri resident would get a return no later than six months down the road; and Rackley would work up some figures and send them to the Missouri resident. After looking at the net-pluto.com Web site, the Missouri resident did not invest.

Later that month the Securities Division of Blunt's office received information that Rackley had been offering unregistered securities to Missouri residents. Securities investigators sent a letter of inquiry to Rackley, and to date they have not received a response.