By Kristena Hansen
Phoenix Business Journal
About a dozen real estate-related firms and individuals have been ordered by the Arizona Corporation Commission to pay a combined $4.08 million in restitution and administrative penalties stemming from separate cases of fraud and securities violations, among others, according to an ACC statement on Wednesday. These cases since have been closed.
In one case, the ACC issued default orders to two Arizona companies after discovering the businesses had defrauded investors with a promissory note scheme totaling more than $3 million, the statement said.
As for the other cases, two Tucson men were sanctioned for securities violations, a Phoenix stockbroker’s securities registration was revoked and an unregistered real estate investment program was stopped before causing harm to investors, the statement said.
Here’s a breakdown of penalties:
