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Commission Finds Promoters of Faith-based Films Defrauded Investors
The Commission found with unanimous consent that Bear Fruit Films violated the Securities Act registration and antifraud provisions by misleading 72 Christian investors out of $1.5 million for selling securities to finance faith-based film products. The Commissioners ordered that restitution paid in the amount of $1,590,500 and administrative penalties against Bear Fruit Films at $110,000; for Mark Smith to pay $75,000; and James Simmons to pay $110,000 as a result of the case findings.
All documents related to this agenda item can be found in the Corporation Commission's online docket https://edocket.azcc.gov and entering docket number S-21100A-20-0066.