A Scottsdale man, Robert Francis Alexander, must pay restitution to the victims of his golf ball resale business investment scheme.
According to the Arizona Corporation Commission, a default order was issued against Alexander requiring him to pay $382,100 in restitution and a $50,000 administrative penalty.
The Corporation Commission found Alexander pitched the investment program to prospective investors while on multiple Phoenix-area golf courses and club events. The Commission found Alexander told investors that he purchased golf balls at a discount and resold them online for a profit, promising 20 to 30 percent returns within four to six weeks. Alexander was not registered to offer or sell securities in Arizona.
The Corporation Commission found Alexander did not disclose that he was a defendant in a least 12 civil lawsuits in Maricopa County Superior Court and was convicted of committing wire fraud for which he was sentenced to 96 months in prison and ordered to pay almost $10 million in restitution.