Nick Myers, Vice Chair | Arizona Corporation Commission
Nick Myers, Vice Chair | Arizona Corporation Commission
The Arizona Corporation Commission has ordered Gary Martin, a former Phoenix resident, and his company, Reliant Income Properties, LLC, to pay $25,000 in restitution and a $10,000 administrative penalty. This decision comes after findings that they sold unregistered securities linked to a fictitious real estate investment scheme.
The Commission determined that neither Martin nor Reliant was registered to offer or sell investments in Arizona. They falsely informed an investor that Reliant owned properties with tenants and income streams, though Reliant actually possessed no real assets or income sources.
Further findings revealed that the offering documents of Reliant indicated investor funds would be held in an escrow account with a major bank until a specific threshold was reached. Contrarily, Martin spent investor funds immediately on personal expenses, including rent to his mother, purchases from Harley Davidson, credit card bills, and his own salary.
Relevant documents concerning this case are available on the Corporation Commission's online docket by entering docket number S-21345A-24-0271 at https://edocket.azcc.gov.
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