Ashcroft’s Office Orders Nearly $500,000 Payment from Unregistered Investment Agents who Defrauded Investors
Secretary of State Jay Ashcroft’s Securities Division issued an administrative hearing order against former Lee’s Summit resident Henrik Jensen, Patrick “PK” Kucera of Overland Park and their Skytec entities. Jensen and Kucera, a self-proclaimed entrepreneurial evangelist and former candidate for Governor of Kansas, were found to have defrauded two Missouri investors from Liberty and Belton.
Securities Commissioner David M. Minnick found that Jensen, Kucera and their entities Skytec Security Midwest LLC and Skytec Security Operations LLC, individually and collectively, orchestrated and organized this scheme. By appealing to the investors’ desire for higher performance on their retirement savings, Jensen and Kucera convinced them to invest in alternative investments in the form of illiquid and risky promissory notes and other securities to fund the growth and expansion of their fledgling businesses. In total, the Missouri investors lost $375,000 of their retirement savings in these investments while Jensen and Kucera took tens of thousands of dollars of the investors’ money through undisclosed finder’s fees and personal loans.
Following an extensive investigation, the matter culminated in a contested evidentiary hearing in January in which the commissioner found that Jensen and Kucera offered and sold $300,000 in unregistered, non-exempt promissory notes and other securities to two Missouri investors, one of whom was elderly. Despite the promise for large returns of 25%, neither of the investors received the promised returns, nor did they receive any of their money back.
The commissioner ordered the agents/issuers to pay $95,000 in civil penalties, $375,000 in restitution including interest and more than $18,000 in investigation costs.
“It’s not illegal to grow and expand a potentially prosperous business, but it is illegal to solicit, offer and sell unregistered, non-exempt securities and to deceive people that invest in it,” Ashcroft said. “Promises of large returns can be very enticing. If it sounds too good to be true, it usually is.”
Ashcroft urges investors to call the toll-free investor protection hotline at 800-721-7996 or go online to www.missouriprotectsinvestors.com for more information or to file a complaint.