Breaking News

Una investigación recupera $54,000 en salarios atrasados para 62 trabajadores de la salud paliativa en dos centros de Puerto Rico, a quienes les pagaron incorrectamente como voluntarios Women’s Advancement to Hold a Series of Community Listening Sessions Walmart Releases Q2 FY23 Earnings Deputy Secretary Su meets with Puerto Rico Governor Pierluisi, local officials to discuss workforce strategies, advance economic dialogue Despite 13 citations since 2015, investigations into two meat cutters’ amputation injuries find Fiesta Mart again failed to protect employees Ohio nursery owner debarred from foreign labor visa program after US Department of Labor investigation finds repeated violations Calexico Agents Seize 106 Pounds of Meth During Vehicle Stop Profits over people: Federal safety inspectors find 3 more Dollar General stores habitually disregarding workplace safety, risking employees’ lives

July 14, 2022 
Contact: JoDonn Chaney, (573) 526-0949


Elderly Missouri Resident Invested Thousands in Alleged Ponzi-like Promissory Note Scam

Jefferson City, Mo. — Secretary of State Jay Ashcroft’s securities division issued an order against David J. Spalding of Waterloo, Illinois, seeking to recover $18,500, plus interest, defrauded from an elderly Missouri resident.

On December 7, 2017, Spalding allegedly visited the home of an Imperial, Missouri woman convincing her to sign a promissory note and invest funds in DevCoH, a real estate company owned by Spalding. The company promised to complete a renovation project on a St. Louis residence and then sell the home.

According to the terms of the note, Spalding and DevCoH guaranteed “prompt and punctual payment” to the Missouri investor of her $18,500 principal plus $3,000 in interest by December 29, 2017. Upon an investigation by the securities division, and a review of bank records, Spalding allegedly misappropriated the funds. To date, neither Spalding nor DevCoH have paid back the initial principal investment or interest.

The securities division is seeking an order to show cause why restitution, civil penalties, costs and other administrative relief should not be imposed from Missouri Securities Commissioner David M. Minnick. The order calls for the respondents to pay $30,000 in civil penalties, $18,500 in restitution plus interest and costs of the investigation.

“Promissory notes are one of the top threats to investors and people should be attentive to the risks,” said Ashcroft. “Fraudsters use them to trap investors and cheat them out of their hard-earned money.” 

Ashcroft urges investors to call the toll-free investor protection hotline at 800-721-7996 or go online to for more information or to file a complaint.


Visit to learn more about the Office of the Missouri Secretary of State.

Source link