This week, the Arizona Corporation Commission ordered Roland B. Woolsey of Idaho and his affiliated company, Skytrace, Inc., to pay $142,500 in restitution and $10,000 in administrative penalties for offering and selling unregistered promissory notes.
Woolsey and Skytrace, Inc. were seeking to raise $10 million in order to market a web-based inventory application but are not registered to offer or sell securities in Arizona.
According to the the Arizona Corporation Commission, Woolsey and his company, as part of the settlement neither admitted nor denied the Commission’s findings, but agreed to the entry of the consent order.