The Arizona Corporation Commission ordered respondent Michael Saquella of Mesa, Arizona, and his affiliated companies—Best Image I, LLC, and Cactus Blue Entertainment, LLC—to pay $915,005 in restitution and a $100,000 administrative penalty for defrauding investors with a movie-making venture.
In its default order, the Commission found that respondent Saquella failed to disclose to investors his prior criminal conviction for securities fraud. Also, Mr. Saquella misused investor funds on personal expenses and to make Ponzi-like payments to earlier investors.
All documents relating to this agenda item can be found in the Corporation Commission's online docket at https://edock t.azcc.gov and entering docket number S-21252A-23-0160.
Commissioners and their advisors are prohibited from communicating in writing, by phone or in person with individuals about the merits of any currently active contested case. All emails and letters received related to current contested cases will be filed with Docket Control and available for public inspection. See the Commission’s Ex Parte Rule and FAQs.
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