Phoenix – The Arizona Corporation Commission ordered Dharmesh Virendra Vora, also known as “D. Vora” and his northern Arizona business Vora Wealth Management to pay $30,000 in administrative penalties for violating the Arizona Investment Management Act.
According to the Arizona Corporation Commission the order comes after the Securities and Exchange Commission (“SEC”) found Vora had invested the majority of their 872 clients’ accounts in assets, without adequate disclosure to their clients, totaling approximately in $124 million.
The SEC’s Order bars D. Vora from associating with any broker, dealer, or investment adviser and prohibits him from serving or acting as an employee of an investment adviser or registered investment company for three years. Further, Vora was ordered to give up more than $1.1 million in illegal profits, plus more than $230,000 in prejudgment interest, and a civil monetary penalty to the SEC in the amount of $300,000. Under the SEC’s Order, the judgment funds will be distributed to affected investors.
Additionally, the ACC ordered Vora to comply with the Consent to Entry of Order and pay an administrative penalty of $30,000. Vora Wealth’s investment advisor license application and D. Vora’s investment advisor representative license application have been revoked by the ACC.
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