ST. LOUIS — Missouri Attorney General Andrew Bailey announced that his office has secured convictions against 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 secured over $60,000 in restitution for victims defrauded by Loy Maxey's schemes.
Bailey underscored his commitment to protecting Missouri consumers.
"As Attorney General, I will always fight to protect Missouri consumers," Bailey said in a provided statement. "My Consumer Protection team thoroughly investigates complaints of fraud and takes swift action to obtain justice for Missourians who have been ripped off."
Maxey, operating through his company, targeted individuals with low credit scores, offering false promises to repair their financial situations in exchange for control of their assets.
"Our aim is not only to hold bad actors accountable but to deliver full restitution to all affected," Bailey said.
Once Maxey gained their trust, he exploited his victims, misusing their money for his personal benefit instead of fulfilling his obligations.
One case highlighted by the Attorney General’s office involved a woman from St. Louis County who entrusted Maxey with $36,000.
Maxey assured her that the funds would be placed in a high-interest account, managed responsibly, and used to pay for a loan she owed.
Instead, Maxey diverted the money for personal expenses, leaving the woman’s financial situation unresolved and worsened.
Following an extensive investigation, Maxey was indicted by the Grand Jury for St. Louis County in 2022.
In November, he pled guilty to all five counts listed in the indictment.
The court ordered Maxey to pay $62,595 in restitution to his victims and sentenced him to concurrent prison terms—four years for each count of deceptive business practices and seven years for each securities fraud count.
However, the court suspended the execution of the sentences, placing Maxey on a five-year probation period instead.
The judgment represents a significant win for the Attorney General’s Consumer Protection Division, which has prioritized combating financial fraud and protecting vulnerable Missourians.
Bailey said these cases highlight the importance of holding fraudsters accountable while striving to make victims whole through restitution.
"Financial predators often prey on those who are already struggling, compounding their hardships," Bailey said. "Our office’s mission is to ensure that justice is served and that Missourians can trust that those who defraud them will face consequences."
The Attorney General’s office encourages anyone who believes they have been a victim of financial fraud to come forward and report their case.
Bailey’s administration remains focused on enforcing Missouri’s consumer protection laws and ensuring that businesses operate with integrity.
Bailey said Maxey’s conviction sends a clear message to potential fraudsters: deceptive practices and financial exploitation will not be tolerated in Missouri.
With more than $60,000 in restitution awarded, the case serves as a reminder that justice for victims is a top priority for the state’s legal system.
Former Missouri Secretary of State Jay Ashcroft’s Securities Division was pursuing penalties and restitution from Loy Dennis Maxey and his Chesterfield-based company in 2021 after the allegations of defrauding St. Louis residents out of $81,000.
Between 2017 and 2018, Maxey allegedly sold promissory notes, misappropriated most of the funds for personal use, and misled investors about his background. Marketed as a service to assist with debt relief, the company is accused of exploiting vulnerable consumers.
The division was seeking a final order for $90,000 in civil penalties, over $85,000 in restitution for three investors, plus interest and investigative costs.
"The same individuals and entities that offer to help people are sometimes the same fraudsters that misuse your hard-earned money," Ashcroft said in 2021.