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.
And that’s just the most recent enforcement action state regulators have taken against scams that have included investments in purported cannabis farms and cryptocurrency schemes.
The Arizona Corporation Commission on Jan. 10 unanimously ordered Tucson investment adviser representative Pamela Hopman and her company, PGH Advisors LLC, to pay restitution of $410,790 and a $35,000 administrative penalty for dishonest and unethical conduct in selling unregistered securities.
The commission also revoked Hopman’s investment adviser representative license and the investment adviser license of her company.
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.
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