A Scottsdale man, John A. Perez, has been ordered by the Arizona Corporation Commission to pay $ 174,087 in restitution and a $71,000 administrative penalty for fraudulently engaging in unlicensed advisory services to defraud investors.
The Commission found Perez touted himself as someone who could teach investors, for compensation, how to significantly increase their investments through his stock trading methods and tips. He solicited investors to attend training sessions, misrepresenting himself as an experienced and wealthy investment adviser to at least eight investors but failed to disclose his two prior criminal convictions for property theft.
The Commission found that, while never licensed as an investment adviser or registered as a securities salesman in Arizona, Perez guaranteed quick and substantial gains from trading securities in his big “carpool” investment account. He even sent screenshots of the account, leading the investors to believe he had invested their money. However, the pooled investment accounts showed little to no activity.
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