Press "Enter" to skip to content

PRESS RELEASE: Kander Halts St. Louis Investment Scammer

For immediate release:                  December 18, 2014

Contact:                                             Stephanie Fleming, (573) 526-0949

                                                           

 

Kander Halts St. Louis Investment Scammer

 

Jefferson City, Mo. — Secretary of State Jason Kander today issued a cease and desist order against Sylvester A. Phillips of St. Louis and his affiliated companies TDF Global Investments, LLC and Innovative Investments, LLC for allegedly soliciting investors with phony investment opportunities in Kyrgyzstan. 

 

According to the order, Phillips approached a long-time real estate customer with an investment opportunity he described as a legitimate, no-risk investment with a guaranteed return. The customer, a 57-year-old resident of St. Louis, was told by Phillips she would receive approximately $1.5 million within 30 days for an investment of $50,000. The investigation also found Phillips and his companies were not registered to legally sell securities in Missouri.

 

“Before risking your hard-earned savings to fraud, I encourage all Missourians first to call my office when approached with an investment opportunity,” Kander said. “Checking the registration status of the person selling you an investment can help protect you from losing your retirement safety.”

 

An investigation by Kander’s office alleges that Phillips came into contact with individuals purporting to work on a multi-billion dollar construction project in Kyrgyzstan. Allegedly, Phillips was to solicit investors for the project and be paid a commission from invested funds. Phillips was told the invested funds would be placed in an investment and triple in value within a year. 

 

The order alleges Phillips did not send the $50,000 in funds from the Missouri resident, but instead deposited the funds into accounts he controlled. Kander’s investigation revealed that at least $18,300 was removed from the accounts in cash withdrawals. Other funds were used for personal expenses, such as to make payments on his personal mortgage, to his mother, to Visa, in checks made out to Phillips personally, and others. Phillips admitted to investigators he kept the investor’s money for personal use, and even told them in an on-the-record interview “if you consider it theft, it’s theft…”

 

The order seeks restitution, fines and the cost of the investigation.

 

Before making an investment decision, Missourians are encouraged to call Kander’s office at 1-800-721-7996 or visit www.MissouriSafeSavings.com.

 

 

—30—

 

Visit www.sos.mo.gov to learn more about the Office of the Missouri Secretary of State.