JEFFERSON CITY, Mo. – A hunting guide from rural Missouri has agreed to pay tens of thousands of dollars in restitution to settle allegations of investor fraud.
According to the Missouri Secretary of State’s Securities Division, Theodore Eddings raised at least $50,500 between Apr. 2017 and Oct. 2018 for companies he claimed to own and operate. Those companies offered deer and turkey hunts in Missouri.
Eddings got eight individuals in five states, including one Missouri investor, to buy into those companies and purchase hunting trips.
But once Eddings received investors’ money, he used all the funds on personal living expenses, dining, entertainment, and vacations.
Eddings, of Republic, Missouri, also filed phony paperwork to further misrepresent himself to investors.
As part of the settlement, Eddings will pay $53,500 in restitution to his clients, $12,000 to the Missouri Secretary of State Investor Education and Protection Fund, and $240,000 in civil penalties for six violations of the Missouri Securities Act.
However, the civil penalties will be suspended and fully waived upon full payment of the other parts of the settlement.
The secretary of state’s office says Missourians can file complaints at the investor protection hotline by calling 800-721-7996 or by going to MissouriProtectsInvestors.com.