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Alabama Securities Commission issued a Cease and Desist order against Mail-Shops and Ronald Scott

On December 1, 2020, the Alabama Securities Commission issued a Cease and Desist order against Mail-Shops and Ronald Scott.  The Commission sought to put a stop to the Respondents’ solicitation of Alabama residents to invest in a variety of sectors, including real estate, oil, coal, electricity, automotive, aviation, and manufacturing. MailShops and Scott sent mass phishing emails to Alabama residents. In the emails, Scott indicated that for more details about the projects and cash distributions, interested investors should “get in touch… ASAP For further proceedings and funding.”

As of December 2, 2020, Alabama’s registration files revealed no efforts to register either Mail-Shops or Ronald Scott.  Doing business in Alabama as an unregistered investment advisor is a violation of Alabama law.  As a result of their illegal conduct in Alabama, the Respondents were ordered to cease and desist from further violations of Alabama law.

This case illustrates how easily vulnerable adults can be exploited through simple email communications.  If you have elderly friends or relatives who may be vulnerable, please take whatever steps you can to protect them from this type of exploitation.  If you wish to discuss any securities related question, please contact David A. Weintraub, P.A., 7805 SW 6th Court, Plantation, FL  33324.  By phone: 954.693.7577 or 800.718.1422.

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