Mesa Man Sanctioned For Unauthorized Real Estate Investment

The Arizona Corporation Commission today revoked the securities salesman registration and investment adviser representative license of Michael A. Crowe of Mesa, who recommended an unapproved real estate investment to a client. The Commission also ordered Crowe to pay a $2,500 an administrative penalty for his dishonest and unethical conduct.

The Commission found that Crowe recommended one of his clients diversify his retirement portfolio and invest in a fix-and-flip, real estate investment called Simply Smart Homes, LLC. The Commission found Crowe received a $2,500 sales commission for his client’s $50,000 investment, but that Crowe was subsequently terminated by his securities dealer for recommending an investment product not approved or recorded on the books of the securities dealer.

In a prior action, the Commission ordered restitution for investors in Simply Smart Homes, LLC, including restitution for Crowe’s client. In settling this matter, Crowe neither admits nor denies the Commission’s findings, but agrees to the entry of the consent order.