The State Securities office accuses a St. Louis man of defrauding relatives out of hundreds of thousands of dollars in a phony investment scheme. The State has told Grahame Rhodes to stop selling unregistered securities. The court documents say he has never been registered as an investment advisor. Investigators say he once claimed to have a trading account with $3.4-million in it,when it actually had only$ 44,000. Rhodes has 30 days to request a hearing on the allegations.
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