Missouri Securities Division Issues Consent Order Against Adomani, Inc. for Selling Unregistered Promissory Notes

Jefferson City, MO (STL.News) Missouri Secretary of State Jay Ashcroft’s Securities Division issued a consent order against California-based company Adomani Inc. and its chief executive officer, James L. Reynolds, for issuing unregistered promissory notes to four Missouri investors.

Between January and November 2015, Adomani raised $186,500 in company funding from Missouri investors residing in Gerald, St. Charles, Catawissa and Chesterfield, Missouri by issuing unregistered, non-exempt promissory notes through Nevada-based company Retire Happy LLC.  Retire Happy was not registered as a broker-dealer.  Reynolds’ signature appeared on all four promissory notes.

Prior to the order, Adomani paid the agreed-upon interest and principal on the promissory notes in full to the four Missouri investors.

“Our office is here to help inform investors,” Ashcroft said. “We can tell you if the person or company you’re dealing with is registered.  If you’re unsure, always contact our office before you invest.”

The division will suspend $9,000 in civil penalties against Reynolds and his company, provided they reimburse the division for investigation costs of $2,500 within 30 days.

Ashcroft urges all investors to know the risks.  If you have any questions about an investment opportunity or wish to check the background and registration status of a financial adviser, please call the toll-free investor protection hotline at (800) 721-7996, or go online to www.missouriprotectsinvestors.com to file a complaint.

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