Missouri man defrauds St. Louis residents out of $81,000

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Secretary of State Jay Ashcroft’s Securities Division is seeking penalties and restitution from a Missouri man and his Chesterfield-based company after St. Louis residents were allegedly defrauded out of $81,000.   

Between January 2017 and June 2018, Loy Dennis Maxey and his company, Fresh Start Credit Services, LLC, allegedly sold promissory notes and misappropriated a majority of the money for his own benefit. Maxey made false statements, omitted information, and misled investors about his background. Maxey had marketed his company to help consumers with debt problems.

The division is seeking a final order for $90,000 in civil penalties, more than $85,000 in restitution for three Missouri investors, interest, and costs of the investigation.

“The same individuals and entities that offer to help people are sometimes the same fraudsters that misuse your hard-earned money,” said Ashcroft. “Don’t let bad actors help themselves to your money. Find out who you’re dealing with before you sign that check.”

Ashcroft continues to urge Missouri investors to call the toll-free investor protection hotline at 800-721-7996 or visit this link to get more information or to file a complaint.