ARIZONA NEWS

Arizona Corporation Commission orders company to pay $8 million for stock fraud scheme

Mar 20, 2024, 4:05 AM | Updated: 9:11 am

Tucson-based ABCO Energy and its CEO were ordered to repay investors $7.7 million and pay an additi...

Tucson-based ABCO Energy and its CEO were ordered to repay investors $7.7 million and pay an additional $1 million fine for selling unregistered securities and fraud. (Pexels photo)

(Pexels photo)

PHOENIX – A Tucson-based solar installation company has been ordered to pay more than $8 million for fraud and for selling unregistered securities.

The Arizona Corporation Commission found David Shorey, CEO of ABCO Energy, Inc. and ABCO Solar, Inc, violated the Arizona Securities Act.

The investigation found Shorey sold unregistered securities and did not have permission to offer or sell securities in Arizona. Shorey targeted investors from the United Kingdom and Spain, according to the ACC.

Shorey was also at fault for not disclosing previous violations against him and his companies to potential investors. He also did not accurately portray the company’s financial health and did not disclose accurate sales commissions, which resulted up to 65%, according to the ACC.

Shorey will be required to pay investors $7.7 million, to go along with an additional $1 million fine for defrauding investors through an energy and solar stock program.

We want to hear from you.

Have a story idea or tip? Pass it along to the KTAR News team here.

Arizona News

Kari Lake looks at the crowd to arrives to speak at the Conservative Political Action Conference, C...

Jim Sharpe

Arizona US Senate candidate Kari Lake wants you to do what?!?

KTAR News host Jim Sharpe believes Kari Lake's declaration her supporters should strap on a Glock to prepare for 2024 is dangerous.

7 minutes ago

Follow @suelenrivera...

SuElen Rivera

$4.9 million helibase opens in northern Arizona to help mitigate wildfires

The latest state-of-the-art helibase recently opened in northern Arizona to help with wildfire mitigation efforts.

1 hour ago

Stock image of a bathtub faucet. An Arizona man pleaded guilty on Monday, April 15, 2024, to killin...

KTAR.com

Arizona man pleads guilty to murder after holding child’s face under running bathtub faucet

An Arizona man pleaded guilty Monday to killing a 6-year-old child in a bathtub in 2019, authorities announced.

2 hours ago

Cynthia Drager opened the Three Dog Bakery in Chandler, Arizona, on Feb. 9, 2024....

Kevin Stone

Woof, there it is: Three Dog Bakery celebrating recent opening in East Valley

Three Dog Bakery is celebrating its recent opening in the East Valley with five days of tail-wagging activities this week.

3 hours ago

Two Tucson men sentenced after highway death of 17-year-old...

KTAR.com

Two Arizona human smugglers sentenced for death of migrant

Two Tucson men were sentenced last month for their roles in the death of a 17-year-old migrant in 2022, authorities said.

8 hours ago

(KTAR News Photo)...

Mike Broomhead

Amazing Arizonans: Michael Bidwill talks Cardinals origin, 2024 draft and community outreach

On this episode of Amazing Arizonans, Mike Broomhead has a great conversation with CEO of the Arizona Cardinals, Michael Bidwill.

8 hours ago

Sponsored Articles

...

DISC Desert Institute for Spine Care

Sciatica pain is treatable but surgery may be required

Sciatica pain is one of the most common ailments a person can face, and if not taken seriously, it could become one of the most harmful.

...

Collins Comfort Masters

Here’s 1 way to ensure your family is drinking safe water

Water is maybe one of the most important resources in our lives, and especially if you have kids, you want them to have access to safe water.

(KTAR News Graphic)...

Boys & Girls Clubs

KTAR launches online holiday auction benefitting Boys & Girls Clubs of the Valley

KTAR is teaming up with The Boys & Girls Clubs of the Valley for a holiday auction benefitting thousands of Valley kids.

Arizona Corporation Commission orders company to pay $8 million for stock fraud scheme