Jefferson City, MO (STL.News) – Missouri Secretary of State Jay Ashcroft’s Securities Division ordered Shajuan Butler and Progress Marketing Management of St. Louis to cease and desist after allegedly selling unregistered, non-exempt securities to a Texas resident.
In November 2018, Butler and his company allegedly 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.
“If someone offers you an investment promising huge returns in a few weeks with virtually no risk, contact us first,” Securities Commissioner David M. Minnick said. “Individuals selling securities in Missouri must be registered, and the securities themselves must be registered. By calling us, you can find out if the individual you’re dealing with is registered before you invest.”
The division ordered Butler and his company to show cause why they should not be ordered to pay restitution plus interest, civil penalties and investigation costs totaling more than $36,500.
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.