A Scottsdale man was fined over $240,000 for investment fraud from late 2018 to early 2023, the Arizona Corporation Commission (ACC) stated on November 19.
From November 2018 to February 2023, John A. Perez reportedly “fraudulently (engaged) in unlicensed advisory services” and was sentenced to pay $174,087 in restitution fees and an additional $71,000 in administrative penalties.
Details on Scottsdale man’s fraudulent investment services
According to the ACC, Perez posed as “a wealthy retired investment adviser and stockbroker” and claimed to be able to educate individuals on “how to significantly increase their investments.”
Perez promised profits based on his “carpool investment account” and showed investors images to prove he had managed their money. However, the ACC discovered that this highly publicized account had “little to no activity” in actuality.
During the four-plus-year period, Perez reportedly met with at least eight individuals or groups in Arizona for fee-based “training sessions.” According to ACC case data, these sessions cost between $2,500 and $20,000.
Some of the investors in the fraudulent scheme claimed Perez “accessed, traded, and fully managed their TD Ameritrade accounts,” according to the ACC.
Aside from illegally identifying himself as an investment advisor, Perez reportedly failed to disclose a pair of prior criminal convictions for property theft.
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