On Your Side Investigation: More legal trouble for Republic man accused of operating hunting scheme
REPUBLIC, Mo. (KY3) - More legal trouble for an Ozarks hunting guide at the center of On Your Side Investigation.
The Missouri Secretary of State issued a cease-and-desist order against Theodore or Teddy Eddings.
You might recall last December when criminal charges were filed against him. He’s accused of running a hunting scheme. Eddings raised $50,000 by selling investments to about a dozen people.
State officials say Eddings misappropriated funds for his benefit. They want him to pay back the money, plus penalties.
On Your Side called and emailed Eddings’ attorney. We have not heard back.
News release from Missouri Secretary of State.
Jefferson City, Mo. — Missouri Secretary of State Jay Ashcroft’s securities division issued a cease-and-desist order against a Republic, Missouri hunting guide. Theodore Jay Eddings is required to show cause why civil penalties, restitution, costs, and other administrative relief should not be imposed against him after several investors were allegedly defrauded.
Between April 2017 and October 2018, Eddings raised at least $50,500 for two entities he claimed to own and operate, only one of which was an actual registered business. Eddings raised the funds by selling investments in the form of investment contracts and promissory notes to eight individuals across five states, including one Missouri investor.
The entities were promoted by Eddings on Facebook as deer and turkey hunt providers in Missouri. When individuals would contact Eddings for services, he would then solicit investments into the businesses. Once the funds were received, Eddings then misappropriated the funds for his own personal benefit. He also made material misstatements and omissions in connection with the sale of the securities.
The securities division seeks a final order prohibiting Eddings from further violations of the Missouri Securities Act, as well as $53,500 in restitution with interest, civil penalties, investigation costs, and other administrative relief.
“Investment scams include Ponzi schemes and stock swindles, but fraudsters will also target friends and associates that have common recreational interests as well, typically offering up a deal too good to pass up,” said Missouri Commissioner of Securities David Minnick. “Always check out anyone who solicits investment opportunities or gives financial advice.”
Secretary Ashcroft urges investors to call the toll-free investor protection hotline at 800-721-7996 or go online to www.missouriprotectsinvestors.com for more information or to file a complaint.
To report a correction or typo, please email email@example.com
Copyright 2021 KY3. All rights reserved.