Securities Dealer Ordered To Pay $1.7 Million | Courthouse News Service
Tuesday, November 28, 2023
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Tuesday, November 28, 2023 | Back issues
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Securities Dealer Ordered To Pay $1.7 Million

ST. LOUIS - A federal judge has ordered Global Power Global Wealth Enterprises, and Andre E. Mitchell to pay $1.67 million in damages to seven people for a securities scheme. They are accused of selling $540,000 in unregistered securities; plaintiffs asked for default judgment after the defendants failed to respond to the suit.

The $1.67 million awarded by U.S. District Judge Charles A. Shaw included $540,000 in actual damages, $131,000 in prejudgment interest and $1 million in punitive damages. Defendants include Global Wealth Investments, Global Wealth Investment Group, and Opportunity Lives.

Mitchell previously pleaded guilty to one count of mail fraud and one count of money laundering in sale of securities.

Mitchell admitted that Global Wealth intentionally published false information and that he conspired to falsely advertise that Global Wealth had acquired numerous properties in the St. Louis area. Mitchell claimed the total loss to investors was between $2.5 million and $7 million.

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