1300 W. Washington Street
Phoenix, AZ 85007-2996
The Corporation Commission ordered Marvin Robby Richards of Gilbert to pay a $4,000 administrative penalty for fraudulently offering unregistered securities in connection with his real estate development companies.
The Corporation Commission found Richards was not registered to offer or sell securities in Arizona when he advertised on Craigslist.com to raise investor funds for his real estate projects. The Corporation Commission found Richards downplayed the level of risk associated with investing in real estate and featured illustrative and not actual photographs of his current projects on his website.
Additionally, the Corporation Commission found Richards represented that he had access to two manufactured homes which could be quickly installed on investment properties, but failed to disclose that possession of the homes could only occur once Richards’ debt to the home builder was paid.
In settling this matter, Richards admitted to the Commission’s findings and agreed to 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-21084A-19-0256.