BRANSON, MO (CelebrityAccess MediaWire) — Country singers Larry and Gwen King plan to contest state charges that they violated securities laws in seeking financing partners for their Branson, Missouri, stage show.
The couple was ordered by Missouri State Securities Commissioner Matt Kitzi to stop seeking loans in late March. The order claimed the singers solicited money after performances and made untrue statement or failed to make important disclosures to those who contributed, according to the Kansas City Star.
Kitzi also seeks to impose civil penalties of $10,000 for each violation of state law. The order said the couple accepted at least $160,000 from at least 25 persons from 2000 to 2005.
The King’s previously ran King’s Country Music Show and more recently the Lit’l Nashville Opry Show, covering classic country tunes from popular artists. The couple told the paper that they did not intentionally break state laws in accepting money to keep their show alive.
“We had found that stock subscription sheet on the Internet. So when they would invest we would fill it out and we’d say, ‘When we form the company…then we’ll take this piece of paper and you’ll be a part owner in the company,’” Gwen King said.
The Kings told the paper that they believe one investor who also has a competing show may have triggered the state action to disrupt their coming season. State officials would not identify who complained. –by CelebrityAccess Staff Writers