U.S. Arizona Corporation Commission Sanctions Peoria Securities Salesman For Crypto-Based Investment Fraud

07/02 06:15

According to Arizona Daily Independent, the Arizona Corporation Commission has ordered Arthur Hoffman of Peoria and his affiliated company, ICA Financial Services, Inc. to pay $170,000 in restitution and a $20,000 administrative penalty for defrauding eight investors with a crypto-based investment fund. The Commission also revoked Hoffman’s registration as an Arizona securities salesman. The Commission found Hoffman and his affiliated company failed to disclose to investors that the cryptocurrency investment contracts issued by Zima Digital Assets, LLC, were not authorized by Hoffman’s securities dealer. Additionally, the Commission found Hoffman classified his client’s cryptocurrency investment as “unsolicited” despite having introduced them to the crypto-based fund.

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