Arizona Corporations Commission Fine
In a February 17, 2011 press release, the Arizona Corporation Commission announced that "he Commission ordered James Piccolo of Scottsdale, Craig Cottrell of Tempe and Michael Roberts of Scottsdale and their affiliated companies to pay $5,577,226 in restitution and a total of $300,000 in administrative penalties for defrauding 105 investors with unregistered deed of trust investments.
The Commission found that the men promoted the unregistered deed of trust investments at real estate education seminars where they convinced students to become investors, promising them double-digit returns."
Read more about this topic: Nouveau Riche (real Estate Investment College)
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