Press Releases

For Immediate Release
January 30, 2009 Contact: Charles Evenson

New Holstein Resident Denver A. Kalkofen Ordered to Cease Fraudulent Sales of Securities

(Madison) On January 29, 2009, the Wisconsin Department of Financial Institutions Division of Securities ordered Denver A. Kalkofen of New Holstein to Cease and Desist soliciting money from Wisconsin residents, predominantly senior citizens, on the pretext of making investments for them. Kalkofen was a licensed securities agent for ING Financial Partners Inc. until her termination in October 2008.

The Division received a complaint on behalf of an investor as well as information from ING that Kalkofen convinced customers to make checks payable to her or to a fictitious entity called “Denuer” for investment into what Kalkofen variously described as a mutual fund, a holding company or an annuity.

Further investigation revealed that none of these investments was approved by or recorded on the books of ING. Between 2005 and 2008, over $1,000,000 of customer funds were deposited into Kalkofen’s personal checking account with no evidence of those funds going out for any investment purpose. During the same period, Kalkofen’s bank account revealed over $900,000 being paid out to entities related to casino gambling.

The Cease and Desist Order further seeks a hearing to retroactively revoke her securities agent license. Click here to view copy of the Petition and Order.