Promissory note scam allegedly defrauds investors in 35 states

JEFFERSON CITY, Mo. — Secretary of State Jay Ashcroft’s Securities Division is seeking a final order from Commissioner David Minnick for $200,000 in civil penalties and other remedies against California-based Until Tomorrow Drivetrains, LLC and Dennis R. Di Ricco. 

 

Between December 1, 2016, and June 30, 2017, Until Tomorrow Drivetrains, LLC and Di Ricco, with the assistance of an unregistered third-party agent, Retire Happy, LLC, allegedly raised approximately $5.4 million through the sale of unsecured promissory note securities to at least 88 investors in 35 states, including an elderly Gerald, Missouri resident.

 

Following the sale of the notes, respondents allegedly used investors’ funds to, among other things, facilitate fraudulent stock transactions and engage in a scheme to manipulate the price of a publicly traded stock for their personal benefit.

 

As a result of the Missouri Secretary of State Securities Division’s investigation, the Missouri investor in this matter received full restitution on his investment.

 

“Promissory notes are one of the top threats to investors year after year,” said Ashcroft. “Fraudsters often promise high returns and claim there is very little or no risk. All investments carry some form of risk—the higher the return, usually the higher the risk.” 

 

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.