1300 W. Washington Street

Phoenix, AZ 85007-2996




Main: (602) 542-4242

Toll-Free Number in Arizona:
1-(866) 837-4399

Email: SecuritiesDiv@azcc.gov


Commission Finds Peoria Man Defrauded Investors with Call Center Investment Scheme

The Arizona Corporation Commission ordered Jad Morris of Peoria and his affiliated companies to pay $4,679,122 in restitution and a $200,000 administrative penalty for committing securities fraud in connection with various unregistered investments, including a call center and managed trading accounts. The Corporation Commission found respondents Morris and his affiliated companies—Financial Leverage LLC, IQBiz Financial LLC, and IQBiz Funding, LLC—sold unregistered investment contracts to approximately 400 investors.

The Commission found that, through an online credit platform that Morris was licensed to promote, Morris gained a list of people seeking credit and used this knowledge to reach out to clients in order to invest with him and his companies. Morris convinced some of the investors to use credit cards and take out loans in order to invest, falsely telling investors they would not be liable for any business credit card debt or loans.

The Commission found Morris failed to disclose to investors his previous securities violations in Wisconsin as well as more than $180,000 in judgments and tax liens against him. Also, the Commission found Morris and his companies sold managed trading accounts to investors, promising to earn an investment return by trading on behalf of the investor.  However, most of the investors did not get any of their money back.

The Commission found Morris used the majority of the investors’ funds for his personal use, which was not authorized by investors. Prior to entry of the consent order, the Commission obtained an order from the Maricopa County Superior Court freezing the remaining proceeds from the sale of Morris’s home, which was acquired mostly with investor funds. As part of the consent order, those proceeds ($372,000) will be paid to the Commission to distribute pro-rata among the investors. In settling this matter, the respondent neither admits nor denies the Commission’s findings and agrees to the entry of the consent order.

All documents related to this agenda item can be found in the Corporation Commission's eDocket edocket.azcc.gov and entering docket number S-21210A-22-0270.


Arizona Corporation Commission

1200 W. Washington Street

Phoenix, AZ 85007


Corporations Division

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Phoenix, AZ 85007


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