A Scottsdale man, Troy Michael Bohlke and Arizona Acquisitions Group, LLC have been ordered to pay restitution and penalties for defrauding investors with an unregistered real estate investment.
The Arizona Corporation Commission issued the order jointly and severally in the amount of $137,900 in restitution. The Commission ordered Bohlke and AAG to pay, jointly and severally with respondent Jeremy Vincent Diaz, $168,000 in restitution. The Corporation Commission also ordered Bohlke and AAG to each pay $150,000 in administrative penalties—$50,000 of which is owed jointly and severally.
The Commission found that, among the multiple false and misleading statements, Bohlke and AAG misrepresented to certain investors that their funds would be used in real estate and the investment would incur little to no financial risk. The Commission also found that Bohlke and AAG misappropriated investor funds and used much of the proceeds to pay Bohlke and Diaz, and to pay for Bohlke’s personal expenses. Bohlke and AAG were not registered to offer or sell securities in Arizona.