COMMISSION NEWS |
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ARIZONA CORPORATION COMMISSION |
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TO: EDITORS, NEWS DIRECTORS |
DATE: February 6, 1998 |
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FOR: IMMEDIATE RELEASE |
CONTACT: Sharon Fox (602) 542-0639 |
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ACC COLLECTS $320,000 IN RESTITUTION FOR INVESTORS |
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The Arizona Corporation Commission has received payment of full restitution for investors who purchased certain stock sold in the late 1980's by Wade Cook and his companies, American Business Alliance (ABA) and Monarch Funding Corporation. |
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Cook recently paid $320,000 to the Commission under an order finding that Cook had fraudulently sold unregistered securities to approximately 175 investors. Cook also paid a fine of $150,000, as ordered by the Commission. |
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The Commission found that Cook held public seminars to promote the stock; however, he used the investor money to pay past debts to the IRS and to pay for his personal residence. |
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The payment will be distributed to investors who purchased stock in ABA or several other penny stock offerings, including Consumer Sounding Board Franchise Systems, Inc., Ameri-Guard and Sunstar Equities, Inc. The Securities Division of the Commission is currently attempting to locate investors and requests that anyone who purchased the above stock from Wade Cook or his companies prior to February of 1989 call Meg Pollard of the Securities Division. |
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"The Securities Division urges the public to inquire as to the registration status of the securities and the securities salesman before investing," Commissioner-Chairman Jim Irvin said. |
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The Securities Division may be reached at (602) 542-4242. |
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