ARIZONA NEWS

Paradise Valley man charged by SEC with $1 million in fraud

Oct 8, 2019, 4:15 AM | Updated: 8:46 am

PHOENIX — A Paradise Valley man was charged with more than $1 million in fraud last month by the Securities and Exchange Commission.

Gary Pryor, 59, offered and sold more than $1.1 million in defaulted Chinese bonds to two investors, according to a press release.

Pryor, a senior advisor for a company that pursues collection of long-defaulted bonds issued by the Republic of China between 1912 and 1942, told the investors false statements in order to entice them to purchase the bonds through his own company.

Pryor didn’t purchase and transfer the bonds to the investors, instead using their money for his own personal use, according to the release.

Pryor consented to cease-and-desist orders on Sept. 27 and agreed to pay disgorgement of almost $1.2 million.

He also will pay a civil penalty of about $190,000.

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Paradise Valley man charged by SEC with $1 million in fraud