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Suburban Phoenix broker fined for securities fraud

PARADISE VALLEY, Ariz. — A Paradise Valley securities dealer has been
ordered to pay more than more than $759,000 by Arizona regulators for
selling fake stock shares to investors.

The Arizona Corporation Commission on Tuesday ordered James F. Liebes and his
Lanesborough Financial Group to repay investors nearly $685,000 and pay a $75,000
administrative penalty.

The commission found that Liebes was selling stock in publically traded
companies that he didn’t own. He also wasn’t registered to sell securities in

The commission also sanctioned Liebes and his company for not disclosing to
clients that he already faced enforcement action filed by the Commission’s
securities division.

Liebes did not respond to the commission’s civil charges after being served in
November and no attorney is listed in the case documents.


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