(Greenfield, MA) Greenfield ice cream company, Snows Acquisition LLC, a.k.a. Barts and Snows Ice Cream Co., has been ordered to return $60,000 of investments made to the company between 2018 and 2019.
Thomas Kelley Schmidt, founder and sole manager of the company, submitted an Offer of Settlement on June 2nd to the Enforcement Section of the Securities Division of the Office of the Secretary of the Commonwealth of Massachusetts admitting to offering and selling unregistered securities in Massachusetts. Schmidt had raised $225,000 between 2018 and 2019 in exchange for unregistered securities or percentage interests to twelve investors (one investment of $25,000 was repaid with interest under a promissory note.)
Additionally, the investigation found that Schmidt wrote himself multiple checks from the company account between 2018 and 2019, totaling $24,817.76.
Also in the Consent Order is a censure of Snows by the Enforcement Section of the Securities Division of the Office of the Secretary of the Commonwealth of Massachusetts and an order to pay an administrative fine of $50,000.