Jefferson City, MO (STL.News) – Missouri Secretary of State Jay Ashcroft’s Securities Division issued a final order Friday against Richard C. Renshaw and his companies to cease and desist after violating the terms of a consent order with the division.
Renshaw and his companies, Innovative Financial Solutions LLC and Alternative Portfolio Solutions, solicited at least 20 investors, many of whom were elderly, to invest a total of $2,275,350 in Woodbridge Mortgage Investment Funds. In soliciting the investors, Renshaw violated the terms of a consent order with the division that he entered into on Sept. 7, 2017, which barred him from selling securities in Missouri.
In addition, the U.S. Securities and Exchange Commission issued an enforcement action against Woodbridge Mortgage in December 2017. In July 2018, the company filed for bankruptcy.
“This case highlights the importance of checking with our office before you invest,” Securities Commissioner David M. Minnick said. “In this case, our division had already barred this individual from selling securities in our state for previously defrauding investors. A quick call to our office would have warned potential investors. If you have any doubt, contact us first.”
The division ordered Renshaw to pay restitution, civil penalties and investigation costs totaling more than $2 million.
Ashcroft urges all investors to know the risks. If you have any questions about an investment opportunity or wish to check the background and registration status of a financial adviser, please call the toll-free investor protection hotline at (800) 721-7996, or go online to www.missouriprotectsinvestors.com to file a complaint.