1300 W. Washington Street
Phoenix, AZ 85007-2996
The Corporation Commission ordered Payson residents Lenard and Lori Toye
along with their affiliated companies, Wenima Development, LLC, and I Am
America (IAA), to pay $72,000 in restitution and a $20,000 administrative
penalty for defrauding an elderly investor.
The Commission found that Mr. and Mrs. Toye sold unregistered securities in
Wenima Development, LLC, a company that was to develop a 300-acre parcel of
land outside of Springerville, Arizona.
The Commission found that, despite having ceased any meaningful business
activity related to developing the land, the Toyes sold investment contracts to
the elderly investor without disclosing the failed past performance of the
company and the lack of current operations or financial information.
The Commission found the Toyes used the investor's funds to dine in
restaurants, pay for their residence, make car payments and other expenditures
consistent with personal use and not for expenses related to real estate
development.
In settling this matter, the Toyes and their affiliated companies neither
admit nor deny the Commission’s findings but 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-21174A-21-0404.
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