A Tucson man, David L. Shorey, has been ordered by the Arizona Corporation Commission to pay $7,666,558 in restitution, as well as a $1 million administrative penalty for defrauding investors through an energy and solar stock program.
According to the Commission, after an extensive investigation, the Commission concluded that Shorey acting as CEO of ABCO Energy, Inc. and ABCO Solar, Inc., was in violation of the Arizona Securities Act. Investigators for the Commission found Shorey offered and sold unregistered securities and was not registered to offer or sell securities within or from Arizona.
The Commission found Shorey and his companies targeted investors from the United Kingdom and Spain while committing multiple violations of Arizona securities laws. Shorey failed to disclose prior securities enforcement actions against him and his companies to potential investors, misrepresented the companies’ financial health, and failed to disclose accurate sales commissions, which totaled up to 65 percent in some cases.