1300 W. Washington Street
Phoenix, AZ 85007-2996
The Corporation Commission issued a default order against Robert Francis Alexander of Scottsdale for defrauding investors with an investment to fund a golf ball resale business. Alexander was ordered by the Commission to pay $382,100 in restitution and a $50,000 administrative penalty.
The Corporation Commission found Alexander pitched the investment program to prospective investors while on multiple Phoenix-area golf courses and club events. The Commission found Alexander told investors that he purchased golf balls at a discount and resold them online for a profit, promising 20 to 30 percent returns within four to six weeks. Alexander was not registered to offer or sell securities in Arizona.
The Corporation Commission found Alexander did not disclose that he was a defendant in a least 12 civil lawsuits in Maricopa County Superior Court and was convicted of committing wire fraud for which he was sentenced to 96 months in prison and ordered to pay almost $10 million in restitution.