Media Contact: LARA Communications (517-335-LARA (5272))
October 12, 2021 - The Dept. of Licensing and Regulatory Affairs (LARA), Corporations, Securities & Commercial Licensing Bureau (CSCL) obtained a permanent injunction from the Oakland County Circuit Court against Banner Co-Op, Inc. and Michael Glaspie, for continuing to violate the Michigan Uniform Securities Act (MUSA).
CSCL issued a cease and desist order to Banner Co-Op and Glaspie in January 2020 alleging that they were violating the MUSA by offering unregistered securities and fraudulently omitting material information in the offer or sale of securities. The cease and desist order was resolved through a June 2020 consent agreement where Banner Co-Op and Glaspie agreed to stop violating the MUSA and stop conducting securities business in Michigan. Nonetheless, defendants have continued to engage in the same conduct, in violation of the MUSA, the cease and desist order, and the consent agreement. As a result, CSCL obtained the injunction to protect Michigan investors. A referral was also made to the appropriate law enforcement agency, pursuant to MCL 451.2508(b).
Banner Co-Op and Glaspie continued to offer unregistered investment opportunities that promise investors billions of dollars in investment returns along with a luxury vehicle and a vacation. LARA and CSCL remind investors that if an investment opportunity seems too good to be true, it probably is. The original consent and cease and desist orders are available here.
LARA encourages citizens to use FINRA's Brokercheck to verify that an individual is properly registered to offer and sell securities and to carefully evaluate the risks of an investment before parting ways with their money. Citizens may also contact CSCL's Securities and Audit Division at (517) 335-5237 or LARA-CSCL-Securities-Audit@michigan.gov to inquire about registration status.
Information regarding how to file a complaint against about a person, a company, or an offering under the MUSA is available at www.mi.gov/securities and clicking "Complaint Form" in the top right of the screen, by calling CSCL at (517) 335-5237, or by emailing it to LARA-CSCL-Securities-Audit@michigan.gov.