Eddings to pay $65,500 to settle hunting scam

Republic man still faces charges of securities fraud, stealing by deceit in Greene County
 
The Missouri Secretary of State’s Jay Ashcroft’s Securities Division (and Republic resident Theodore Eddings have entered into an agreement to settle allegations against Eddings regarding investor fraud. The Securities Division announced on Tuesday, Dec. 7 that Eddings will pay a total of $65,500 in the settlement.

Eddings targeted investors interested in hunting:

In a press release, the Securities Division stated that Eddings raised money from investors for entities he claimed to own and operate, but with which he had no connection. Between April of 2017 and October of 2018, Eddings raised $50,500 in this manner.
“Eddings sold securities in the forms of investment contracts and promissory notes to eight individuals from five states that included one Missouri investor,” the release stated.
Once he received the money, Eddings used the money for himself.
“Eddings promoted the entities, which offered deer and turkey hunts in Missouri, on social media,” the press release stated. “Eddings specifically targeted his hunting clientele to invest in two entities. Unfortunately, once investment funds were received, Eddings used all of the funds for his personal benefit, spending it on vacations, personal living expenses, entertainment and dining. In connection with the sale of the securities, Eddings also made material omissions and misrepresentations to the investors.”

Eddings may avoid civil penalties if he complies with the rest of the agreement:

Under the terms of the settlement, Eddings will pay the investors $53,500 in restitution, and will also pay $12,000 to the Missouri Secretary of State Investor Education and Protection Fund. He was also ordered to pay $240,000 in civil penalties for six violations of the Missouri Securities Act, but will be available to avoid paying those penalties if he meets the other terms of the settlement.
“The civil penalty will be suspended and fully waived upon full payment of restitution, payment to the Investor Education and Protection Fund, and compliance with the terms of the entire consent order,” the press release stated.

Settlement has no impact on charges in Greene County:

Eddings still faces charges of securities fraud and stealing by deceit in Greene County. In that case, Eddings is accused to convincing a man to invest $15,000 in a fictitious entity called Black Oak Outfitters, only to fail to repay him as promised. Eddings is also accused of persuading another man to give him $10,000; $4,000 for a hunt and $6,000 for a 25-percent share of Black Oak, LLC, an organization that Eddings had no connection to.
Eddings is next scheduled to appear in court on Wednesday, April 27, 2022 for a pre-trial conference.