AP – Sec. of State Delbert Hosemann announces settlement with securities firm

Sec. of State Delbert Hosemann announces settlement with securities firm

JACKSON, Miss. (AP) — American General Securities Inc. and one of its brokers have agreed to return $175,279 to Mississippi investors, the bulk of which came from workers at Chevron’s Pascagoula refinery.

Secretary of State Delbert Hosemann says former AGSI broker Leroy Jack Smith, who worked out of Mobile, Ala., misrepresented variable annuity investments and withheld critical information through his promises of unrealistic returns.

AGSI was also accused for having failed to adequately supervise Smith’s investment activities, which it agreed to correct.

AP
3/30/10