Arizona securities fraudster ordered to pay more than $2.7M in restitution

The Arizona Corporation Commission ordered a securities fraudster and his spouse to pay more than $2.7 million in restitution for committing violations and fraud.

In addition to the restitution, Lucio George Martinez was ordered to pay $80,000 in administrative penalties.

Despite not being a registered securities salesman or dealer, Martinez founded and served as chairman of MyBrandForce, a consumer-packaged goods company, in 2020, according to the commission. It allegedly provided clients with data analytics to improve branding and retail execution.

Martinez sold 16 investments for MyBrandForce, which totaled $2,775,000, to 13 investors between October and November 2023.

It was not registered with the ACC. Additionally, Martinez didn’t disclose a prior order against him for securities fraud.

He also deceived an investor by telling him that he had fully paid restitution from a prior order by the ACC in full.

The previous order was regarding Shadow Beverages and Snacks LLC, an organization he co-founded in 2017. The ACC found that it defrauded investors and ordered Martinez to pay $1,492,500 in restitution and $50,000 in administrative penalties.

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