Attorney General Sued Columbia Company
Attorney General Jay Nixon has sued a Columbia company, accusing it of being involved in fraud and deception. Nixon has accused the company, UMI Inc, of using investment capital for personal use. The Attorney General has now obtained a restraining order against the company on a temporary basis.According to a press release issued by the Attorney General’s office, investors gave around $2 million towards the production of equipment to be used in vending machines, which could then help to monitor inventory. However, according to the release, the money was not used for this purpose, but was instead used to settle lawsuits already filed against the company as well as to make personal purchases.
The restraining order obtained by Nixon stops the company from trading, selling, or advertising investment opportunities, which also includes shares and stocks in its own or subsidiary companies.
A number of defendants have been named in the lawsuit, all of whom are principles of the company and are accused of using the investment capital to meet their own needs and to settle other lawsuits.
Topic Added February 24th, 2006
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