ST. LOUIS, Mo. – Today, Missouri Attorney General Andrew Bailey announced that his office obtained convictions against Loy Maxey, the owner of “Fresh Start Credit Services,” for three felony counts of deceptive business practices and two felony counts of securities fraud. The judgment also won more than $60,000 in restitution for Maxey’s victims.
“As Attorney General, I will always fight to protect Missouri consumers,” said Attorney General Bailey. “My Consumer Protection team thoroughly investigates complaints of fraud and takes swift action to obtain justice for Missourians who have been ripped off. Our aim is not only to hold bad actors accountable, but to deliver full restitution to all affected.”
Through “Fresh Start”, Maxey targeted individuals with lower credit scores, gained their trust, and then falsely claimed his company would work to repair their financial situation if they gave him control of their assets. In one such instance, Maxey took $36,000 from a St. Louis County woman after telling her his company would keep the money in a high interest account, would manage her money, and use the account to make payments on a loan she owed. Instead of paying off her debt, Maxey spent the money on personal expenses for himself.
After being indicted by the Grand Jury for St. Louis County in 2022, Maxey pled guilty to all five counts in the indictment in November of 2024. As a result of his guilty pleas, the Court ordered Maxey to pay back $62,595 in restitution. The Court then sentenced Maxey to 4 years in the Missouri Department of Corrections for each deceptive business practices count and to 7 years for each securities fraud count, all counts running concurrently and with execution of those sentences being suspended. Maxey was also placed on a period of probation for 5 years.
Attorney General Bailey encourages citizens who have been scammed to file a complaint with the Missouri Attorney General’s Office by calling the Consumer Protection hotline at 800-392-8222 or submitting a complaint online at ago.mo.gov