Paul Burkemper, who organized St. Louis-based IP Holding LLC, has been
barred from serving as an investment advisor and must pay a fine of $100,000
after his involvement with a vodka investment scam.
Burkemper, along with partner Ilya Vishnevetsky, allegedly sold investments
in his "Russian Vodka Stand Venture" from 2006 to 2008. Burkemper
was supposedly going to invest the money in a business that would open
vodka kiosks in St. Petersburg, Russia; however, the kiosks were never
built. Burkemper is accused of instead using investors' cash for personal
expenses and for a later business called Select
Auto, which was to export cars to Russia. The Select Auto security itself
was not registered with the state.
Most of the victims of Burkemper's alleged investment scheme were
among his friends and family.
Burkemper's attorney stated that Burkemper had been deceived by his
partner into believing the kiosks were already under construction through
faked photos and documents, and he passed that information along to investors.
According to his attorney, Burkemper no longer sells securities, but does
run a firm that helps people avoid securities violations.
Missouri investment scam attorneys with David P. Meyers & Associates represent investors nationwide in
stockbroker mediation, arbitration, and litigation claims.