2 ex-Ariz. brokers accused of defrauding investors - New York News

2 ex-Ariz. brokers accused of defrauding investors

Posted: Updated:

PHOENIX (AP) - The federal Securities and Exchange Commission has accused two former Arizona brokers of stealing investments in a project to develop tankless water heaters.

The SEC alleges that Jeffrey Stebbins of Mesa and Corbin Jones of Gilbert diverted at least $1.8 million of investor money for their personal use and fraudulently obtained more than $6 million in stock for themselves.

Tankless water heaters are generally designed to instantly heat water as it passes through pipes rather than in large containers like traditional water heaters.

Authorities say Stebbins and Jones personally allegedly told investors that all of the money they raised would be used to develop the tankless water heater venture.

Instead, they allegedly diverted nearly 30% of the funds they raised to pay unrelated business expenses and lease luxury automobiles.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • Local NewsLocal NewsMore>>

  • Crash in Lincoln Tunnel causes major delays

    Crash in Lincoln Tunnel causes major delays

    Tuesday, September 2 2014 3:06 PM EDT2014-09-02 19:06:51 GMT
    One of the tubes of the Lincoln Tunnel was closed for nearly four hours after a chain-reaction accident involving a New York-bound jitney bus and two other vehicles. Port Authority of New York and New Jersey spokesman Steve Coleman says three people were reported injured in the accident in the center tube at about 8:30 a.m. Tuesday.
    One of the tubes of the Lincoln Tunnel was closed for nearly four hours after a chain-reaction accident involving a New York-bound jitney bus and two other vehicles. Port Authority of New York and New Jersey spokesman Steve Coleman says three people were reported injured in the accident in the center tube at about 8:30 a.m. Tuesday.

  • $1M Powerball ticket sold in NJ set to expire

    $1M Powerball ticket sold in NJ set to expire

    Tuesday, September 2 2014 2:23 PM EDT2014-09-02 18:23:45 GMT
    State lottery officials say a Powerball ticket worth $1 million that was sold at a northern New Jersey convenience store last year will soon expire.
    State lottery officials say a Powerball ticket worth $1 million that was sold at a northern New Jersey convenience store last year will soon expire.
  • Princeton worker told to choose medical pot or job

    Princeton worker told to choose medical pot or job

    Tuesday, September 2 2014 2:19 PM EDT2014-09-02 18:19:48 GMT
    A Princeton University employee says he has been told to choose between medical marijuana and his job.
    A Princeton University employee says he has been told to choose between medical marijuana and his job.
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