Phoenix, Ariz. — The Arizona Corporation Commission ordered respondents Stuart Simonsen and his affiliated company, Saddlebrook Investments, LLC, of Montana, to pay $187,000 in restitution and $25,000 administrative penalty for committing securities fraud.

The Corporation Commission found that respondents sold investments in "done for you" e-commerce stores promising big returns.  Investors were not told before investing in the e-commerce stores that Mr. Simonsen had previously been sued for securities fraud and that in 2017, he had consented to a $1.2 million judgment. 

The Commission found that a total of 12 investors purchased the securities, and Saddlebrook received at least $403,000 of the investment proceeds. To date, Saddlebrook has repaid investors at least $241,000.

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-21266A-23-0238.