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COLUMBIA, Mo. (AP) — A new lawsuit is seeking $30 million from an investment banking firm and 10 employees because of a failed factory project in central Missouri.
Morgan Keegan, which has merged with Raymond James Financial Inc., was the underwriter in 2010 for a $39 million bond issue for a failed artificial sweetener factory for Mamtek US Incorporated in Moberly. Construction on the factory stopped in August 2011 when Mamtek failed to make a required bond payment.
The Columbia Daily Tribune reports new lawsuit was filed Wednesday in Boone County because $5.6 million worth of the bonds, in default since 2011, were sold there.
A Raymond James spokesman says the company denies wrongdoing, and the state reviewed the project before the city agreed to issue bonds before Morgan Keegan was hired.
ST. LOUIS (AP) - Missouri Secretary of State Jason Kander is preparing to announce what he calls a "major securities action" that involves millions of dollars.
Kander scheduled a news conference Thursday at the Old Post Office in St. Louis. His office says Kander will seek restitution, civil penalties and fees and costs, but no other details have been released.
The secretary of state's office is Missouri's chief overseer and enforcer of securities laws intended to protect investors from unfair practices and fraudulent schemes.