Final Order issued against man who defrauded Sumner couple
Secretary of State Jay Ashcroft’s Securities Division issued a final cease and desist order against Cutting Edge Supplements, LLC, and Desmond R. Bloss for misusing a $60,000 investment by a Sumner couple.
According to a press release from the Secretary of State's Office, Missouri Commissioner of Securities David Minnick found that between Nov. 28, 2016 and June 30, 2017, Bloss solicited and received investments from a Sumner couple to be used for his business, Cutting Edge Supplements, LLC. Bloss was introduced to the couple through a mutual friend and maintained contact through social media and email in the months leading up to the fraud.
Minnick concluded that Bloss misled investors by telling them their money would be used for specific business purposes but instead used the money for a different business and for personal expenses. To date, the investors have not received any return or repayment of their principal investment.
Bloss and Cutting Edge Supplements were ordered to pay restitution plus interest, civil penalties and investigation costs totaling over $113,000.
“Fraudsters use opportunity and pressure to swindle investors out of their hard-earned money, often targeting friends and close associates before soliciting strangers,” said Minnick. “Be cautious of who you trust with your money.”
Secretary Ashcroft continues to urge Missouri 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.