1300 W. Washington Street
Phoenix, AZ 85007-2996
The Corporation Commission ordered American Realty Partners, LLC and Corix Bioscience, Inc. to pay $14.2 million in restitution and administrative penalties totaling $700,000 for defrauding more than 150 investors.
The Corporation Commission found American Realty Partners, LLC and Corix Bioscience, Inc., formerly American Housing Income Trust, Inc., were not registered as securities dealers or salesmen when they fraudulently sold unregistered securities in companies that were in the “fix-and flip” real estate industry, inducing investors with false and misleading statements during the offering process. Additionally, the Corporation Commission found certain investment proceeds were misappropriated. To date, most investors have not received any return of their investment principal.
All documents relating to this agenda item can be found in the Corporation Commission's online docket at https://edock t.azcc.gov and entering docket number S-21073A-19-0063.