A Montgomery City, Missouri, USA, man has been ordered out of business by the secretary of state and could face charges for selling more than US$6 million in unregistered stocks and bonds in his petfood companies, according to ozarksfirst.com.
Missouri Secretary of State Robin Carnahan issued a "cease and desist" order for Frank Renick and his companies for allegedly misleading up to 700 investors in at least four states. In a statement, Carnahan said Renick started several companies to manufacture and sell organic petfoods and other pet supplies, which were market under the names Spectrum Pet Care Incorporated, Spectrum Pet Foods Inc. and SPC Brands Inc.
Renick and his companies face up to US$40,000 in penalties and costs along with the possibility of having to make US$6 million in restitution to investors, according to ozarksfirst.com. Renick has 30 days to request a hearing on the matter.