This month, the Arizona Corporation Commission ordered a Gilbert man, Bradley Tennison, to pay a $75,000 penalty for defrauding investors.
The Commission also revoked Tennison’s securities salesman registration and investment adviser representative license.
Tennison falsely represented that investments in The Joseph Project would fund an after-hours bank trading program which would generate profits to benefit religious and humanitarian projects, according to the Commission’s findings. The Commission fund Tennison falsely represented to investors that the investment was totally safe and would generate a return. The Commission fund Tennison falsely claimed to have invested a million dollars of his own money.
Ultimately, most of the investor funds were misappropriated. To date, none of the investors have received their promised returns. In June 2019, the state of Arizona indicted Tennison on sixteen felony counts relating to this unlawful conduct.
In settling this matter, Tennison admitted to the Commission’s findings and agrees to the entry of the consent order.