1300 W. Washington Street
Phoenix, AZ 85007-2996
Commission Orders 90-Day Suspension of Investment Adviser Representative License
The Arizona Corporation Commission ordered a 90-day suspension of the investment adviser representative license of Joseph Donti of Newbury Park, California, requiring him and his affiliated company, Priority Wealth Advisors, Inc., to pay a $5,000 administrative penalty. Additionally, Mr. Donti agreed to withdraw the investment adviser license of his company.
The Commission found Donti and Priority Wealth Advisors, Inc. failed to conduct reasonable due diligence for four of his clients with respect to investments in 1 Global Capital, LLC, which declared bankruptcy in July of 2018.
In settling this matter, the Mr. Donti and his company 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://edocket.azcc.gov and entering docket number S-21092A-20-0009.