Hosemann sends final order to investment group

by

Published: December 21,2010

Tags: investing, state government

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.

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