Corp. Commission orders firms to repay investors - New York News

Corp. Commission orders firms to repay investors

Updated:

PHOENIX (AP) - The 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 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • Local NewsLocal NewsMore>>

  • Notes with swastikas and 'Uber' found in Brooklyn

    Notes with swastikas and 'Uber' found in Brooklyn

    Tuesday, September 16 2014 10:05 PM EDT2014-09-17 02:05:20 GMT
    The NYPD Hate Crimes Task Force is working to track down whoever posted dozens of stickers and fliers with swastikas and the word "Uber" in Brooklyn. The stickers and flyers filled with images of hate were placed outside a Jewish boys' school on Bedford Avenue in Brooklyn. A Shomrim safety patrol spotted the stickers on the sidewalk and in the gutters, police said.
    The NYPD Hate Crimes Task Force is working to track down whoever posted dozens of stickers and fliers with swastikas and the word "Uber" in Brooklyn. The stickers and flyers filled with images of hate were placed outside a Jewish boys' school on Bedford Avenue in Brooklyn. A Shomrim safety patrol spotted the stickers on the sidewalk and in the gutters, police said.
  • Bratton: Islamic State group threat expanding

    Bratton: Islamic State group threat expanding

    Tuesday, September 16 2014 8:43 PM EDT2014-09-17 00:43:17 GMT
    New York City has entered a "new era" of potential terror threats as hostilities between the United States and extremists from the Islamic State group intensify, Police Commissioner William Bratton said Tuesday. Bratton told reporters that there is no current information pointing to a specific threat against the city.
    New York City has entered a "new era" of potential terror threats as hostilities between the United States and extremists from the Islamic State group intensify, Police Commissioner William Bratton said Tuesday. Bratton told reporters that there is no current information pointing to a specific threat against the city.
  • High-fiving strangers in NYC

    High-fiving strangers in NYC

    Tuesday, September 16 2014 6:01 PM EDT2014-09-16 22:01:29 GMT
    Looking for a taxi cab is a common sight in the city. For some people, an outstretched arm is usually the sign for hailing a cab. A few other folks see it as something else.Meet Meir Kalmanson. He sees a hand in the air as an opportunity to lighten up a person's serious or frantic state. Meir decided to high-five his way down Fifth Avenue. The video of his rebellion of social norms has gone viral.
    Looking for a taxi cab is a common sight in the city. For some people, an outstretched arm is usually the sign for hailing a cab. A few other folks see it as something else.Meet Meir Kalmanson. He sees a hand in the air as an opportunity to lighten up a person's serious or frantic state. Meir decided to high-five his way down Fifth Avenue. The video of his rebellion of social norms has gone viral.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices