The Kansas Securities Commission issued a cease and desist order for a Jesse W. Harris of Sedgwick, Kan., and Harris Custom Projects of Wichita, alleging that they violated the Kansas Uniform Securities Act.
Read the full cease and desist letter here. In the letter, investigators in the securities commission office allege that Harris received more than $5 million from investors in 2017. Those investors, according to the release, believed that money was “for use in the purchase and resale of concrete in connection with construction jobs.”
According to that release, Harris is accused of using money from investors “for purposes unrelated to investment in concrete.” Harris is also accused of taking money from investors to pay back other investors which is commonly known as a Ponzi scheme.