News Release
ACC Finds Fraud in Gold Mine Investment
The Arizona Corporation Commission ordered respondents Theodore Frances Dinges of Scottsdale, Gary Lee Dinges of Oregon and Amazon Gold, LLC to pay $224,044 in restitution and a total of $40,000 in administrative penalties for fraudulently selling membership interests to finance a gold mine.
The Commission found that the respondents raised funds from 34 investors, 13 of whom are Arizona residents. The respondents stated the investment proceeds would be used to purchase gold in Brazilian gold mines. However, the respondents made multiple misrepresentations to investors, including that Amazon Gold, LLC was “safe” or “low risk.”
In settling this matter, the respondents neither admit nor deny the Commission’s findings but agree to the entry of the consent order at https://edocket.azcc.gov and entering docket number S-21230A-23-0053.