Carnahan cites St. Peters financial firm regarding scam
Democratic Secretary of State Robin Carnahan waves to supporters after addressing the crowd at a watch party Tuesday, Aug. 3, 2010, in Kansas City, Mo. Carnahan won the Democratic nomination for the U.S. Senate. (AP Photo/Ed Zurga) By ED ZURGA
ST. PETERS, Mo. (AP) -- Missouri Secretary of State Robin Carnahan has issued a cease and desist order against a suburban St. Louis financial company, alleging at least five investors lost more than $800,000 through a scam.
Carnahan announced the action Tuesday against Michael Kitchen of St. Peters and his company, PIF Financial Services, along with others involved in the company.
Kitchen does not have a listed phone number. The company’s phones have been disconnected.
Carnahan says PIF assured investors that a high-yield investment program was risk-free. She says one of the investors, an 80-year-old from St. Joseph, invested $100,000 and received no return on the investment.
Carnahan’s order alleges that PIF, Kitchen and his associates sold unregistered securities, and it alleges securities fraud.
Kitchen has not been charged in a criminal complaint.