Corporation Commission orders firms to repay investors
Published: January 31, 2013 at 9:51 am
The commission ordered Pangaea Investment Group to pay $2 million in restitution and $150,000 in penalties and Tri-Core Mexico Land Development to pay $1 million in restitution and $75,000 in penalties. Pangaea was doing business as Arizona Investment Center.
The Commission on Wednesday found both companies fraudulently offered and sold unregistered promissory notes to nearly 70 investors who lived in Arizona and across the U.S. while not registered as Arizona securities dealers.
Both companies allegedly told investors their alternative investments were secured by property or equipment but they were not.
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