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Phoenix, AZ 85007-2996




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Email: SecuritiesDiv@azcc.gov


Commission Finds Peoria Man Defrauded Investors with Ponzi Scheme Involving Real Estate, Revokes IAR License

The Corporation Commission ordered Respondents, investment professional Todd Regan Elliott of Peoria and his affiliated company, Elliott Financial Group, Inc., to pay $805,662 and a $70,000 administrative penalty for defrauding investors with a real estate Ponzi scheme. The Commission also revoked Mr. Elliott’s investment adviser representative license.

The Corporation Commission found the respondents offered and sold securities, notes issued by companies controlled by EquiAlt, LLC, to at least 40 investors, many of whom had no investment experience and some of whom were Mr. Elliott’s long-term investment clients. As a result, the Commission found many of the investors are now struggling financially, living month-to-month.

The Corporation Commission found respondents Elliott and his affiliated company represented to investors that EquiAlt was raising capital to purchase, improve, lease and dispose of distressed real property when in actuality, EquiAlt, LLC was allegedly operating as a nationwide Ponzi scheme. The Commission found the respondents made material misrepresentations and omissions to investors regarding the risk and liquidity during the offering or sale of the securities.

In settling this matter, the respondents admit to the Commission’s findings only for the purpose of this proceeding and agree to the entry of the Commission’s 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-21128A-20-0316.

Arizona Corporation Commission

1200 W. Washington Street

Phoenix, AZ 85007


Corporations Division

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Phoenix, AZ 85007


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