A Tucson investment adviser fined for the sale of over $10 million in investments linked to alleged Ponzi schemes is just the latest case affecting Arizona investors.
David Wichner Investors are out more than $10 million and a Tucson investment advisor has been ordered to pay nearly $450,000 in restitution and penalties for selling unregistered securities linked to alleged Ponzi schemes.
An investigation by the commission’s Securities Division found that Hopman and PGH Advisors sold at least $1.5 million worth of securities from a company called Deeproot and its affiliates to her advisory clients who believed they were buying “life settlement products” — investments backed by life-insurance policies.
The commission’s Securities Division found that in most cases, Hopman and PGH Advisors did not inform the investors that she or her affiliates were receiving commissions for selling the unregistered investments, creating a material conflict of interest. But investor Barbara Eisele urged the commission to bar her from holding any kind of investment-related license in the future.
State law doesn’t allow the ACC to permanently bar an investment adviser from licensure, Dinell said, but he added that if Hopman tried to apply for a license in the future, “that would be a very hard hill for her to climb.” Dinell said he was unsure of the prospects for further recovery from the Deeproot and Premier Global cases, but typically in those cases, an appointed receiver contacts affected investors.
In September, the commission ordered Jonathan Sifuentes Saucedo of Mexico, who was not registered to sell securities in Arizona, to pay $70,000 in restitution and a $15,000 administrative penalty for defrauding investors with a cryptocurrency investment program he pitched through churches and Spanish-language radio ads.
In 2022, the division filed 20 actions and the commission entered 30 decisions on prior cases, he said. Besides investment advisers and adviser representatives, the agency registers and regulates securities dealers and salespeople in the state. Dealing with an adviser or broker you trust is important, but Hopman’s case shows that doesn’t always guarantee safety, he said.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
City of Tucson, Tucson Water seek input on 'One Water 2100' master planTucson Water says it wants to continue engaging with the public on its long-term water management, and this time is seeking public input through a survey that closes Tuesday, Jan. 31.
Read more »
14 charts that show jobs, unemployment and workforce data for Tucson and ArizonaIs our employment picture getting better or worse? See recent changes in local jobs, unemployment, earnings and more in these regularly updated charts and maps.
Read more »
Photos: Tucson home to largest dispensary in Arizona, now with a drive-thru serviceThe D2 Dispensary at 7139 E 22nd St recently opened in a new location on January 10. They opened in a building that was a former Goodwill store. It has the first drive-thru service in Tucson and is the largest…
Read more »
Media startup says it will buy back $10 million SBF stake: ReportDigital media company will reportedly buy back SBF’s $10 million investment in the company, will seek to raise funds for growth from other sources.
Read more »
You can now buy TikTok's viral Pink Sauce at WalmartThe bubble-gum-colored sauce is now available at Walmart stores and sells for under $10.
Read more »
Rapper files $10 million claim after video shows LA County deputy threatening to shoot himLawyers for rapper Feezy Lebron filed a $10 million claim, alleging L.A. County sheriff's deputies threatened to shoot and kill him as he sat alone in his car on New Year's Eve.
Read more »