The Arizona Corporation Commission sanctioned multiple individuals and their affiliated companies for offering and selling unregistered investment programs concerning wind energy development and gold mining. The Commission ordered more than $16. 3 million in restitution and $130,000 in administrative penalties.

The Commission ordered Arizona residents Edward L. Mazur and Ronnie Williams to pay a total of $16,347,279 in restitution and $125,000 in administrative penalties for fraudulently promoting an unregistered investment program involving the development of wind energy. The Commission found that, while not registered to offer or sell securities, Mazur and Williams offered and sold to over 300 investors throughout the U.S. interests in a proposed wind energy development project. The Commission found, however, that Mazur and Williams failed to disclose that almost half of the investor funds raised would pay for sales commissions and not for the development of the wind turbine technology or energy development projects described in the private placement memoranda. In settling this matter, Mazur and Williams neither admitted nor denied the Commission’s findings, but agreed to the entry of the consent order.

In a separate case, the Commission ordered Larry Goldman of Tucson and his affiliated company, MT Explorations, LLC to pay a $5,000 administrative penalty for promoting an unregistered gold mining investment program. The Commission found that, while not registered as a securities salesman or securities dealer, Goldman and his affiliated company raised $322,0 00 from at least 25 investors who were located in Arizona, Ohio and Utah. The Commission found that Goldman subsequently forwarded investor monies to an individual who represented that he owned and operated various gold mines throughout the United States, including Congress, Arizona and Helena, Montana. In settling this matter, Goldman neither admitted nor denied the Commission’s findings, but agreed to the entry of the consent order.