If you are a member of the media, please email ngarcia@azcc.gov or call (602) 542-0728.
If you are a member of the media, please email ngarcia@azcc.gov or call (602) 542-0728.
Phoenix, Arizona – The Arizona Corporation Commission (ACC) orders Tyler Brent Lyman to pay restitution of $2,433,000, an administrative penalty of $50,000, and to permanently cease and desist from violating the Securities Act.
Between at least January 2020 and January 2023, Lyman held himself out as the founder, CEO, president, and director of a startup solar company and raised at least $2,433,000 from at least 27 investors through various securities instruments, including convertible notes, Simple Agreements for Future Equity (SAFE) contracts, and loan agreements. Although Lyman represented that investor funds would be used solely for company operations, he misappropriated at least $984,696 for personal expenses including luxury travel, fine dining, luxury clothing, and family medical costs. This was all concealed from investors. Lyman also opened a secret bank account in the company’s name, undisclosed to other officers, to facilitate his misappropriation. Additionally, Lyman failed to disclose that he was a defendant in at least three civil lawsuits that resulted in default judgments totaling at least $343,177. Lyman was not registered with the Commission as a securities salesman at the time of the offerings and sales.
All documents relating to this matter may be found on the Arizona Corporation Commission's online docket at https://edocket.azcc.gov and entering docket number S-21386A-26-0029. For further questions regarding this matter, contact the Investigator on Duty at the Arizona Corporation Commission's Securities Division at 602-542-0662 or email SecuritiesDiv@azcc.gov.