Jefferson City, MO (STL.News) Missouri Secretary of State Jay Ashcroft’s Securities Division issued a final order against Shajuan Butler and Progress Marketing Management of St. Louis to cease and desist after they sold unregistered, non-exempt securities to a Texas resident.
In November 2018, Butler and his company persuaded a Texas resident to invest $10,000. Butler promised a 40% rate of return every two to three weeks. The company’s website claimed the investment had “virtually no risk” and that Butler and his company had fully licensed credentialed professionals on staff who would create portfolios to meet long-term financial goals. The website also claimed Butler’s investment team offered “a commitment to ethics and integrity.”
After receiving a partial return on investment, the investor has been unable to locate or contact Butler. Neither Butler nor his company have ever been registered to sell securities.
“There’s no such thing as a ‘no risk’ investment,” Ashcroft said. “If an investment opportunity sounds too good to be true, do your homework before investing. Individuals selling securities in Missouri and the securities themselves must be registered with our office. If you’re not sure if an agent or investment is registered, contact our office first.”
The division ordered Butler and his company to pay restitution plus interest, civil penalties and investigation costs totaling more than $56,500.