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Phoenix, AZ 85007-2996
News
Commission Sanctions Two Arizona Realtors and Start-up Company for Fraudulent Real Estate Securities Offering
The Corporation Commission ordered real estate agents Rosicella Joplin and Christopher Olson of Scottsdale and their affiliated company Sync Title Agency, LLC (Sync) to pay $50,000 in restitution and a total of $15,000 in administrative penalties for committing securities fraud.
The Corporation Commission found the respondents offered and sold the unregistered membership interests in Sync while not registered to offer or sell securities in Arizona.
The Corporation Commission found the respondents misrepresented that the investment in Sync would be a “slam dunk” and was “basically fail-safe” and that Sync would be open for business within a month.
The Corporation Commission also found the respondents failed to explain to investors that a portion of the invested funds would be used for the personal expenses of Mr. Olson and Ms. Joplin and for their other business operations rather than for Sync’s start-up and capitalization.
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-21131A-20-0345.