Mesa man fined for fraudulent movie-making venture
Nov 17, 2024, 8:00 PM | Updated: 8:02 pm
A Chandler man is accused of scamming victims out of more than $5.6 million through an investment fraud scheme. (Pixabay photo)
(Pixabay photo)
PHOENIX — A Mesa man was fined on Tuesday for defrauding investors with a movie-making venture, according to a press release.
The Arizona Corporation Commission ordered Michael Saquella and his affiliated companies Best Image I, LLC, and Cactus Blue Entertainment, LLC to pay $915,005 in restitution and a $100,000 administrative penalty for the violations.
The commission found that Saquella failed to disclose to investors his prior criminal conviction for securities fraud.
Saquella also misused investor funds on personal expenses and to make Ponzi-like payments to earlier investors, according to the release.
