Chandler Man Fined, Ordered To Pay Over $2 Million For Securities Fraud

justice money

CHANDLER —  Gregory J. Sanchez, of Chandler, and his two affiliated companies, CoverLugg and Birdie Media, were ordered by the Arizona Corporation Commission to pay more than $2 million in restitution and $150,000 in administrative penalties for defrauding investors.

Sanchez and his limited liability companies were never registered to sell securities in Arizona.

The Corporation Commission found that Sanchez engaged in securities fraud when he promised at least three investors a return on their investments within a year but failed to repay them.

Also, the Corporation Commission found that Sanchez falsified company purchase orders and failed to disclose numerous judgments ordered against him and his conviction for bank fraud to relevant investors.

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