State shuts down Springfield securities operation

Missouri Secretary of State Robin Carnahan took action today against a man and his Springfield-based companies for allegedly selling unregistered securities.

The secretary of state's Securities Division has issued a cease-and-desist order against Christopher Hanson, alleging he offered and sold more than $80,000 in investments in a high-yield investment program - through which investors were promised profits or returns for trading in prime banks or special banking platforms that don't actually exist, according to a news release. His companies weren't named.

The cease-and-desist order claims Hanson committed securities fraud by failing to disclose material information to investors. According to the order, Hanson allegedly said the investments were risk-free and backed by a U.S. Treasury program, and to date, no investors have received returns on their investments. Some investors were promised returns of up to $750,000, the release said.

“In tough economic times, everyone is looking for ways to make money, which gives fraudsters ample opportunities to pull schemes directly from the pages of the fraud playbook,” Carnahan said in the release.

Hanson and his companies face more than $72,000 in penalties and could be required to pay restitution to investors.