State seeks injunction against Springfield insurance agent

Secretary of State Matt Blunt Oct. 29 filed a 16-count petition for an injunction in Greene County Circuit Court against Springfield insurance agent Bill Hull for offering and selling more than $8.7 million worth of unregistered securities without a broker-dealer license.

According to a news release from Blunt's office, Hull has continued to sell risky unregistered investments in violation of a cease and desist order that was issued against him by the Missouri securities division in 1998.

Beginning in 1997, the release states, Hull sold a variety of unregistered securities through several small businesses in Springfield that he owned or was associated with, including Atrium Financial Group LP, Advanced Telenet Marketing Inc., B.M.L. Group LLC, Atrium Consulting of Springfield and Belman and Norich Communications Inc.

"This case demonstrates that the problem of independent insurance agents selling unregistered securities cause real harm to real investors," Blunt said. "Despite being ordered to not sell unregistered investments in 1998, Mr. Hull continued to violate the securities laws by selling novel investment schemes. All of these investments were very high risk and had not been reviewed or approved for sale by state or federal securities regulators. Through this action we will seek an accounting of the investors' funds. Individuals who violate the laws should not be permitted to keep profits from their illegal activity."

A cease and desist order is an administrative action taken by the Secretary of State as the state's top securities enforcer.