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Peoria resident found guilty of securities fraud

Ordered to pay more than $4.6 million

Posted 7/3/23

The Arizona Corporation Commission has found that a Peoria resident broke the law selling unregistered investment contracts to about 400 investors.

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crime

Peoria resident found guilty of securities fraud

Ordered to pay more than $4.6 million

Posted

The Arizona Corporation Commission has found that a Peoria resident broke the law selling unregistered investment contracts to about 400 investors.

The commission ordered Jad Morris to pay more than $4.6 million for the securities fraud call center scheme.

Morris managed the scheme under limited liability companies Financial Leverage, IQBiz Financial and IQBiz Funding. These companies were never registered by the commission as a dealer, documents said.

Morris used investors' funds for personal uses which were not authorized by investors, according to the ACC.

The commission has jurisdiction over this matter, according to Article XV of the Arizona Constitution and the Securities Act.