It is alleged that Terry admitted advising some of his investors to remove their investments from him. None of the investors surveyed were among them.
“At least once when (a senior investor) came to Mr. Terry to redeem his certificates, Mr. Terry convinced (the man) to keep his investment with FIC by offering a much higher interest rate,” the statement said probable cause is reading. “He continued to convince (the man) to invest about $ 30,000.00 more.
“It happened when neither FIC nor Mr. Terry could legally sell investments, and based on Mr. Terry’s own statements, after FIC was clearly in financial trouble. Mr. Terry did the same with other investors through July 2008. According to his own statements, he had previously intended to sell FIC. “
After an investigation by the Missouri Secretary of State’s office and a civil lawsuit, Terry was ordered to repay nearly $ 1.1 million to investors. He has reportedly not repaid any investors.
In addition to these charges, the Missouri Department of Insurance confirmed there is an open investigation into Terry.
Background information on Farmington Investment Corporation
The story was first published in the Daily Journal in June 2010 when the Missouri Secretary of State accused Farmington Investment Corporation and former president Thomas Terry of securities fraud, selling unregistered assets and misusing the savings of around 42 Missourians about $ 1.2 million.