The Arizona Corporation Commission has ordered Ryan Morgan and his company, All Done Consulting, LLC, to pay more than $4 million in restitution and $510,000 in administrative penalties for violations of the Arizona Securities Act. The decision follows an investigation into the business automation scheme operated by Morgan.
Morgan established All Done Consulting as a Minnesota-based limited liability company but ran its operations from his apartment in Scottsdale. From January 2021 through August 2023, he raised a total of $4,143,670 from 109 investors. According to the Commission’s findings, Morgan promoted online investment opportunities promising that with a one-time payment, “All Done would do all the work and investors would collect a steady income stream.” However, investigators determined that Morgan did not honor his money-back guarantee and that most investors received little or no return on their investments.
One example cited involved a Shopify business partnership with Stuart Simonsen and Saddlebrook Investments based in Montana. Simonsen and Saddlebrook Investments agreed to a consent order with the Commission on April 29, 2025 (Decision No. 80865). Before this partnership with All Done Consulting, Simonsen had an outstanding judgment for $1.2 million—a fact not disclosed to Shopify investors before they made their investments.
The Commission concluded that Morgan and All Done were acting as unregistered dealers or salesmen and offered unregistered securities through investment contracts. In addition to ordering restitution and fines, the Commission directed Morgan and All Done to permanently cease and desist from violating the Securities Act.
Documents related to this case are available at https://edocket.azcc.gov by entering docket number S-21266A-23-0238. For further information or questions about this matter, individuals can contact the Investigator on Duty at the Arizona Corporation Commission’s Securities Division at 602-542-0662 or email SecuritiesDiv@azcc.gov.
