The Arizona Corporation Commission sanctioned investment adviser representative MaRico Tippett of Tucson with a 30-day license suspension for failing to disclose a material conflict of interest to his clients. The Commission also ordered Tippett to pay $28,231 in restitution and a $2,500 administrative penalty.
The Commission found Tippett earned $28,231 in sales commissions from selling $327,345 worth of unsecured promissory notes in Premier Global Corporation but failed to disclose this information in writing to his clients. The Commission found the failure to disclose this material conflict of interest could have reasonably impaired the rendering of unbiased and objective investment advice from Mr. Tippett.
In settling this matter, Tippett admits to the Commission’s findings and agrees to the entry of the Commission’s consent order.