Securities Division

News

Jack Combs of Fountain Hills was ordered by the Corporation Commission to disgorge $221,713 in commissions he earned by offering and selling unregistered securities in multiple real estate companies doing business in Arizona. After the disgorgement amount is paid, Mr. Combs is required to pay a $25,000 administrative penalty to the state of Arizona.

The Corporation Commission found Combs was not registered as a securities salesman when he provided investors with documents containing material misrepresentations about the performance of the real estate companies, about his professional qualifications as well as those of the companies’ managing officer and about the risk associated with the investment. To date, most investors have not received any return of their investment principal.

In settling this matter, Combs neither admitted nor denied the Commission’s findings, but agreed 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://edock t.azcc.gov and entering docket number S-21073A-19-0063.