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Phoenix, AZ 85007-2996

 

 

Main: (602) 542-4242

Email: SecuritiesDiv@azcc.gov

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New Mexico Woman Admits to Defrauding Investors

The Corporation Commission ordered Kerease Margita Gillman of New Mexico to pay $315,000 in restitution and $50,000 in administrative penalties for committing securities fraud in connection with her Arizona limited liability companies. 

 The Corporation Commission found Mrs. Gillman sold 20 unregistered investment contracts to investors who purchased shares in three entities—2009, 2010 and 2011 Arizona Acquisitions, LLC. The Corporation Commission found that Mrs. Gillman purchased some tax liens but used most of the investor capital contributions to pay for personal expenses unrelated to the three investment entities. Additionally, Mrs. Gillman was found to have falsely represented that she would dissolve the three investment entities after five years and distribute the proceeds to investors. To date, none of the investors—most of whom who live in Arizona—have received any return on their investment.

In settling this matter, Mrs. Gillman admitted to the Commission’s findings and 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-21082A-19-0222.

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Arizona Corporation Commission

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