Lea Márquez Peterson ACC Commissioner | https://azcc.gov
Lea Márquez Peterson ACC Commissioner | https://azcc.gov
The Arizona Corporation Commission has taken decisive action against David J. Volpe, a stockbroker based in Scottsdale, for engaging in securities fraud. The Commission ordered Volpe to pay $459,500 in restitution along with a $65,000 administrative penalty. Consequently, his registration as a securities salesman has been revoked.
According to the Commission's findings, Volpe sold unregistered investment contracts in a defunct company to a long-term client who was suffering from cognitive impairment. He issued false invoices to reflect these investments and also sold an unregistered note in a dotcom company. These investment offerings were not recorded at Volpe's employer, which is a securities dealer.
Furthermore, while registered as a securities salesman, Volpe borrowed money from the same impaired client. In 2021, the Maricopa County Superior Court appointed both a permanent guardian and conservator for this client.
For those interested in reviewing all documents related to this case, they are available on the Corporation Commission's online docket by entering docket number S-21086A-19-0284 at https://edocket.azcc.gov.
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