Flagstaff Man Penalized For Fraudulent Securities Sales

justice money

A Flagstaff man, Alfred Baca, has been penalized by the Arizona Corporation Commission for fraudulent securities sales.

According to the Corporation Commission, Baca and Chrysology Capital Group, LLC was ordered to pay a $10,000 administrative penalty for fraudulently selling securities in Arizona while not registered in as a securities salesman or dealer.

The Corporation Commission found that Baca and Chrysology Capital Group told investors their money would be used for the appraisal of diamonds, but some of the money was misappropriated to pay for Baca’s personal expenses. The Corporation Commission found that Baca and Chrysology Capital Group falsely represented that the execution of the agreements with investors did not violate the law. The investors have since been repaid.

In settling this matter, Baca and Chrysology Capital Group admitted to the Commission’s findings and agreed to the entry of the consent order.

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