Missouri Court of Appeals, Western District / Date unavailable
Fango, LLC and Imani Butler vs. Douglas M. Jacoby and John R. Ashcroft
Fango, LLC and Imani Butler appealed a circuit court judgment that affirmed the Commissioner of Securities' finding that they committed three violations of the Missouri Uniform Securities Act. The violations stemmed from misrepresentations to an investor regarding the use of investment funds, the investor's promised role as CFO, and the expected return on investment. The appellate court affirmed the circuit court's judgment, concluding that the administrative petition was not time-barred, the investment constituted a security, and the Commissioner's findings of fraud were supported by competent and substantial evidence.