Commission Finds Tucson Man Misrepresented Qualifications as Licensed Investment Adviser

The Corporation Commission ordered David Russell Dales of Tucson to pay $23,006 in restitution and a $5,000 administrative penalty for fraudulently transacting business as an investment adviser representative.

The Commission found that, after being terminated by his investment advisory company, Dales continued to charge clients by creating invoices. Dales also billed clients using his former employer’s logo and using the title of “financial advisor" on at least two occasions after his termination. Further, Mr. Dales failed to inform his 16 clients about his termination as an investment adviser representative and that he was unlicensed to provide investment advisory services in Arizona.

All documents relating to this agenda item can be found in the Corporation Commission's online docket at https://edocket.azcc.gov and entering docket number 21202A-22-0224.

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