News Release
Correction: Phoenix Tech Company Ordered to Pay Nearly $500,000 in Restitution and Penalties
NOTE: The Commission issues this corrected news release to reflect the fact that the company, ISA, was found in violation of the anti-fraud provisions of the Securities Act, not Mr. Bjork.
Phoenix, Ariz. - The Corporation Commission ordered respondents ISA Industries, Inc. (ISA) and Hunter Bjork of Phoenix to pay $412,557 in restitution and $50,000 in administrative penalties for violating Arizona securities laws.
The Commission found that Bjork and ISA sold to investors $598,057 of unregistered common stock in ISA.
The Commission also found that ISA told investors that the Commission’s Securities Division had approved ISA's private placement memorandum (PPM) as "the best it had ever seen." Additionally, it misrepresented in the PPM that ISA manufactured technology when ISA had not actually manufactured technology through at least September 1, 2022.
In settling this matter, the respondents neither admit nor deny the Commission’s findings and agree to the entry of the consent order. 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-21205A-22-0239.