**Revised to correct the spelling of respondent's name, Michael Candelario.

Phoenix, Ariz. -  The Arizona Corporation Commission ordered respondent Michael Alexander Candelario of Buckeye and his affiliated companies to pay a total of $199,110 in restitution and $55,000 in administrative penalties in connection with a “fix-and-flip” real estate scheme.

The Commission found that, while not licensed to offer and sell investments in Arizona, Mr. Candelario and his affiliated companies—REI Management LLC (formerly known as WLA Labs, LLC) and REI House Buyers, LLC— solicited investors through multiple websites with claims of aggressive investment returns of up to 30 percent per quarter.  

The Commission found Mr. Candelario failed to tell these investors about his criminal history of financial theft, the more than $1 million he owed in civil judgments and the federal tax liens against him.

Also, the Commission found Mr. Candelario manufactured and dispersed false deed of trust documents to at least one investor and failed to inform investors that some of his real estate investment properties were either in foreclosure or pending foreclosure.

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-21270A-­23-0264.