A
Buckeye man, Michael Candelario, has been ordered to pay over $200,000 as part of a settlement in a real estate scheme. The Arizona Corporation Commission (ACC) announced the decision, which includes $199,110 in restitution and an additional $55,000 in administrative penalties.
Candelario was not licensed to sell investments in the state, but he and his companies advertised returns of up to 30% per quarter. He allegedly failed to disclose his past financial issues, including civil judgments totaling over $1 million and federal tax liens against him.
The ACC also accused Candelario of creating fake deed of trust documents for at least one investor and withholding information about the status of some real estate investment properties, which were in foreclosure or pending foreclosure.
