A Gilbert man, Seth Jardine, and his companies must pay a $10,000 administrative penalty for selling unregistered real estate investment contracts and profit-sharing agreements on Craigslist.com.
The Arizona Corporation Commission found that Jardine, EcoVista Development, LLC and EcoVista Avondale, LLC were not registered to offer or sell securities in Arizona when they represented to at least 12 investors that they were raising money to entitle, rezone and develop land to sell to real estate developers.
Jardine and the companies have paid full restitution to all the investors.