MDN.ORG:
Missouri Digital News
MDN.ORG
Mo. Digital News
Missouri Digital News
MDN.ORG:
Mo. Digital News
MDN.ORG:
Missouri Digital News
MDN.ORG:
Missouri Digital News
MDN.ORG
Mo. Digital News
Missouri Digital News
MDN.ORG:
Mo. Digital News
MDN.ORG:
Missouri Digital News
| Intro: |
A St. Peters man has received a cease-and-desist order after failing to register $800,000 dollars he received in private investments. |
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| RunTime: | 0:44 |
| OutCue: | SOC |
Wrap: It's been four years since Michael Kitchen began accepting investments in his company PIF Financial Services.
The cease-and-desist order says Kitchen allegedly used the funds for car and pet product purchases, rent dues and entertainment expenses.
Matt Kitzi, a representative in the Missouri Securities Division, says that at least five investors contacted them after not receiving the astronomical returns they were promised when they invested.
| Actuality: | KITZI.WAV |
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| Run Time: | 00:13 |
| Description: "Past cases involving high-yield investment programs or prime bank schemes, both in Missouri and other states, those often are cases where its hard to make material recoveries to make investors whole." | |
Kitchen was unavailable for comment.
Reporting from the state capitol, I'm Alex Mallin.
| Intro: |
At least five investors may be out $800,000 after the Secretary of State's office opened up an investigation on what it is calling a classic high-yield investment program scam. |
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| RunTime: | 0:40 |
| OutCue: | SOC |
Wrap: Michael Kitchen is the President of PIF Financial Services in St. Peters. He received a cease-and-desist order after failing to register with the Securities Division $800,000 he received in investments.
The order says Kitchen spent the money on car and pet product purchases, rent dues and entertainment expenses.
Matt Kitzi, a representative in the Missouri Securities Division, says that financial restitution in past cases where this much time has passed is unlikely.
| Actuality: | KITZI2.WAV |
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| Run Time: | 00:08 |
| Description: "Unfortunately in cases of fraud, too often the money is gone by the time regulators are made aware of the problem." | |
Kitchen was unavailable for comment.
Reporting from the state capitol, I'm Alex Mallin.