State Securities Commissioner Moves Against "Prime Bank" Operation

The State Securities Commissioner accuses a Raymore man and his associates of defrauding 17 people out of about $2.7-Million by promising them big returns on an investment scheme involving non-existent banks. Commissioner Matt Kitzi accuses Carl Todd of running a “Prime Bank Scheme.” Todd has 30 days to ask for a hearing. Kitzi says he knows of no criminal actions being taken. The cease-and-desist order is a civil action. He says none of the victims of the scheme has received a refund of money, nor have they received the financial returns Todd has promised. But he says Todd has kept a quarter-million of their dollars for his salary and expenses.