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March 12, 2019
Thomas P. Madden
In settling this matter, Madden neither admits nor denies the Commission’s findings, but agrees to the entry of the consent order. For more details about this case, view the full text of the Commission’s order S-21042A-18-0059
The Corporation Commission ordered Lake Havasu CPAs Lance Michael Bersch and the late David John Wanzek and their affiliated company, ER Financial & Advisory Services, LLC, to pay $2.6 million in restitution and a total of $816,000 in administrative penalties for fraudulently selling unregistered securities and registration violations. Also, the Corporation Commission ordered Concordia Financing Company, Ltd. of California to jointly pay $2.6 million restitution and a $700,000 administrative penalty for its securities registration violations. The Corporation Commission found that Bersch and Wanzek fraudulently sold unregistered investment contracts in Concordia, which was in the business of purchasing and servicing subprime loans to truck drivers who purchased used, big rig trucks. The Corporation Commission found that Bersch, Wanzek and ER Financial were not registered to sell securities in Arizona, and they failed to disclose to several investors the finders' fees Concordia paid them for selling the investments. The Corporation Commission found Concordia did nothing to determine if an investor had the financial wherewithal to make an investment, and it failed to use questionnaires or other materials to determine whether investors were accredited investors. For more details on this case, view the full text of the Corporation Commission's order S-20906A-14-0063.
A complete list of agenda items and archived broadcast of the Commissioner's February Open Meeting is available on the Corporation Commission's website: http://www.azcc.gov/live.