FLINT -- The following is a message from the OFIR:

The Office of Financial and Insurance Regulation (OFIR) has ordered a Flint man to cease and desist from the sale of unregistered investment products. The agency determined that John Missitti and a company he is associated with, GetMoni.com, were not licensed to sell securities products in Michigan and the products sold were not registered with the state. OFIR received information that Missitti and GetMoni, through so-called “free lunch” seminars, sold fraudulent promissory notes to Michigan consumers in the form of contractor financing, silver mines and other related investments. In some cases the promissory notes exceeded $100,000.

“In this economic environment, scams come in all shapes and sizes. Consumers should do their homework and call OFIR before entering into any investment opportunity,” OFIR Commissioner Ken Ross said.

If Michigan investors have any questions about an investment firm, professional or product, please contact OFIR toll-free at (877) 999-6442 or online at: www.michigan.gov/ofir.

OFIR’s cease and desist order also applies to Ronald Brito, the president of GetMoni, which is incorporated in Carson City, NV.

Failure to comply with this order could subject Missitti and Brito to a $25,000 fine and 10 years in prison.

OFIR recently listed fraudulent promissory notes as one of its Top Ten investment traps of 2009. Promissory notes are interest-paying investments that serve as an important means by which companies raise capital. Legitimate promissory notes are usually marketed to sophisticated investors that have the resources to research the investment. Unfortunately, like in this case, unscrupulous individuals attempt to sell fraudulent promissory notes. They’re being sold as instruments that guarantee above-market, fixed interest rates, while safeguarding their principal. 

Consumers were enticed into purchasing these fraudulent promissory notes after first attending a “free lunch” seminar. Last year, OFIR along with the AARP launched a Free Lunch Monitor program that enlists the help of Michigan consumers who attend these seminars and report back to OFIR whether investors are being pressured into purchasing inappropriate or unsuitable investments. For more information about how to volunteer, please visit www.aarp.org/nofreelunch.

A copy of OFIR's cease and desist order can be found at: http://www.michigan.gov/documents/dleg/GetMoni.Com_Inc._a_Nevadat_299964_7.pdf.