Rene Lopez Commissioner | Arizona Corporation Commission
Rene Lopez Commissioner | Arizona Corporation Commission
Phoenix, Ariz. — The Arizona Corporation Commission has mandated that Stuart Simonsen and his company, Saddlebrook Investments, LLC, based in Montana, pay $187,000 in restitution alongside a $25,000 administrative penalty due to securities fraud violations.
The Commission concluded that investments were marketed in "done for you" e-commerce stores offering substantial returns. It was discovered that potential investors were not informed that Mr. Simonsen had a history of securities fraud litigation. Notably, in 2017, he had agreed to a $1.2 million judgment.
The findings reveal that 12 investors were involved in the purchase of these securities, with Saddlebrook Investments acquiring a minimum of $403,000 from the investments. As of the present, Saddlebrook has reimbursed at least $241,000 to the investors.
Documentation regarding this case is available on the Corporation Commission's online docket by using docket number S-21266A-23-0238.
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