JEFFERSON CITY, Mo. - The Missouri Secretary of State announced an enforcement action against a Michigan man accused of scamming thousands of dollars from an elderly Sedalia woman.
Richard Craig Stitt is accused of convincing the now 76-year-old woman of making at least 13 investments totaling over $44,000 in his company, Liberty Technologies Inc. Stitt promised her a 10 percent annual dividend, but she has not received any return, according to a news release from the Secretary of State's office.
The office's Securities Division filed a cease and desist order against him.
Stitt is also accused of living in the woman's home for four months. After that time, he continued to stay in a van parked in her driveway while asking for gas money.
The order states Stitt did not disclose that he and his company are not registered in Missouri. Liberty's corporate status in Missouri was administratively dissolved in 2009.
Stitt faces $45,000 in penalties and costs.
For more information on investments and fraud protection, visit the Investor Protection Center through the Missouri Secretary of State's website at www.MissouriInvestorProtection.gov. You can also call the Investor Protection Hotline at 800-721-7996.
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