St. Charles Man Ordered to Stop Selling Investments
St. Louis Business Journal
The Missouri secretary of state s office has ordered a St. Charles County man to stop the sale of unregistered investments in life insurance policies.
James Staley is accused of offering and selling unregistered investments in life insurance policies through Wealth Financial International, a Chesterfield company he organized, Missouri Secretary of State Robin Carnahan s office said Monday.
Staley allegedly told investors their money would be used to pay the premium on a wealthy person s life insurance policy, and in return, they would receive a percentage ownership of the policy.
Staley also allegedly convinced a 62-year-old Missouri woman to invest $400,000 in the life insurance scheme by taking money out of annuities that he had sold her previously.
Taking money out of the annuities caused her to lose over $38,000 in surrender penalties. Carnahan s office also said a second Missouri investor lost $26,000 in surrender penalties when he took money out of annuities to make a $90,000 investment with Staley.
Staley failed to comply with a February subpoena ordering him to provide information to the state, Carnahan s office said.
http://stlouis.bizjournals.com/stlouis/stories/2009/04/13/daily3.html?ed=2009-04-13&ana=e_du_pub
The Missouri secretary of state s office has ordered a St. Charles County man to stop the sale of unregistered investments in life insurance policies.
James Staley is accused of offering and selling unregistered investments in life insurance policies through Wealth Financial International, a Chesterfield company he organized, Missouri Secretary of State Robin Carnahan s office said Monday.
Staley allegedly told investors their money would be used to pay the premium on a wealthy person s life insurance policy, and in return, they would receive a percentage ownership of the policy.
Staley also allegedly convinced a 62-year-old Missouri woman to invest $400,000 in the life insurance scheme by taking money out of annuities that he had sold her previously.
Taking money out of the annuities caused her to lose over $38,000 in surrender penalties. Carnahan s office also said a second Missouri investor lost $26,000 in surrender penalties when he took money out of annuities to make a $90,000 investment with Staley.
Staley failed to comply with a February subpoena ordering him to provide information to the state, Carnahan s office said.
