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 SelectAuto, 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. The Missouri investment scam attorneys with David P. Meyers & Associates represent investors nationwide in stockbroker mediation, arbitration, and litigation claims.
