Hosemann sends final order to investment group
MOUND BAYOU and CLEVELAND — Secretary of State Delbert Hosemann has issued his final order against Lampton Street Church Financial Services, Lampton Street Church of Christ Inc., both of Mound Bayou, and Harvey M. Jackson of Cleveland.
“Mississippians need to have confidence where they invest their hard earned dollars,” said Hosemann. “Jackson, on behalf of himself and these entities, made false statements to encourage people to invest their money with this organization. They also misled investors regarding the safety of the offered investments. This type of action will not be tolerated in Mississippi.”
On Nov. 3, an administrative hearing was held at the Secretary of State’s Office by Hearing Officer David Dogan. Subsequently, Judge Dogan issued his recommendations regarding the case to Hosemann Nov. 19. Hosemann has adopted the findings and recommendations of Judge Dogan on behalf of the State in his final order.
Lampton Street Financial Services, Lampton Street Church of Christ and Jackson were found to have violated the Mississippi Securities Act by:
• Making false and misleading statements to investors concerning the investment and the investor’s right to withdraw the investment proceeds
• Making false and misleading statements regarding the financial condition of the investments
• Failing to register the investments offered
• Failing to register as an issuer agent with the Secretary of State’s Office
Therefore, Secretary Hosemann has ordered Lampton Street Church Financial Services, Lampton Street Church of Christ and Jackson pay an administrative penalty of $50,000. In addition, the three are ordered to pay approximately $4,954 for costs associated with the investigation and administrative action.
To sign up for Mississippi Business Daily Updates, click here.
Top Posts & Pages
- Fervor grows for Tuscaloosa Marine Shale
- Click Boutique revives Hattiesburg downtown retail district
- Mississippi Power CEO's departure due to withholding Kemper information from regulators
- Hosemann revels in victory over Court's redistricting ruling
- Nullification and interposition
- LNG facility hoping to begin exporting natural gas
- Tenn. company makes unspecified offer to lease hospital
- Airport's food irradiation business could create new jobs
- In wake of bond issue failure, golf course fights to stay playable