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Corporation Commission orders firms to repay investors

Obscure Arizona political group now spending against ObamaThe Arizona Corporation Commission has ordered two Arizona limited liability companies to repay investors nearly $3 million for what the commission called a promissory note scheme.

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.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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