Prescott Man Found To Have Defrauded Investors

acc

Glen D. Hinshaw of Prescott and his affiliated company, Resa Wearables, has been ordered to pay $376,000 in restitution and a $15,000 administrative penalty for defrauding investors by the Arizona Corporation Commission.

The Commission found that Hinshaw, a former investment adviser representative, was the CEO of Resa Wearables, which was in the business of selling 3D-printed, custom insoles for shoes.

The Commission found Hinshaw and Resa Wearables raised capital by selling convertible notes and company stock to investors. The Commission found Hinshaw often solicited investors in Prescott with a slide show presentation about Resa Wearables and its presence within large box retailers.

However, the Commission found Hinshaw and Resa Wearables failed to disclose a prior stipulated fraud judgment of $2.8 million against Hinshaw obtained by three of his former investment advisory clients.

About ADI Staff Reporter 12171 Articles
Under the leadership of Editor-in -Chief Huey Freeman, our team of staff reporters bring accurate,timely, and complete news coverage.