Phoenix, Ariz. – The Arizona Corporation Commission ordered David J. Volpe of Scottsdale to pay $459,500 in restitution and a $65,000 administrative penalty for committing securities fraud. As a result, the Commission revoked Mr. Volpe’s securities salesman registration.

The Commission found Mr. Volpe sold to his long-term client with cognitive impairment unregistered investment contracts in a defunct company, issuing false invoices to reflect the client’s investment. Mr. Volpe also sold this client an unregistered note in a dotcom company. Both investment offerings were not on record at Mr. Volpe’s employer, a securities dealer.

Additionally, the Commission found that, while registered as a securities salesman, Mr. Volpe engaged in dishonest and unethical conduct by borrowing money from the same client. In 2021, the Maricopa County Superior Court appointed a permanent guardian and permanent conservator to Mr. Volpe’s client. 

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 S-21086A-19-0284.

Subscribe to securities news briefs at info@azinvestor.gov.