JEFFERSON CITY — A Nevada-based company and two of its executives are asking a Missouri judge to halt efforts by the state to collect $1.6 million in penalties linked to an alleged investment scam.
Golden Genesis Inc. is scheduled to argue its case against Secretary of State Jay Ashcroft in a hearing set for Aug. 20 in Cole County.
The legal action is in response to Ashcroft ordering the company to pay the penalties after allegedly defrauding seven Missouri investors.
The Secretary of State’s Securities Division found that Golden Genesis Inc., along with the company’s founder and CEO Thomas F. Casey, and its co-owner and de facto chief financial officer, Dennis R. Di Ricco, defrauded investors, many of them retired senior citizens, by selling unregistered, nonexempt, promissory notes. They were found to have utilized an unregistered Las Vegas-based broker-dealer, Retire Happy LLC, to sell more than $9 million of the…