The Arizona Corporation Commission (ACC), a state government agency, has levied a $10,000 fine against Dean Douglas Odle and MCM AF Assets LLC, doing business as Milan Capital, for violating of the state’s Securities Act in a fraudulent real estate investing scam.
According to the ACC, Odle posted advertisements on Craigslist last September seeking investors to invest in “After Foreclosure Assets.” Respondents were told the investments were safe and offered offering low to no risk annual returns exceeding 50% and even 80%.
Furthermore, Odle misrepresented that Milan Capital had not defaulted on an investment in three- plus years of business, while failing to disclose that it had been created just a few months earlier.
Odle, a resident of Arizona, controls Milan Capital, a Wyoming-based limited liability company. The ACC found that Odle and Milan violated the Arizona Securities Act by offering to sell securities within or from Arizona while not registered as dealers or salesmen. In addition, Odle and Milan made untrue statements and/or misleading omissions about the risks associated with the unregistered securities being offered.
In addition to the $10,000 fine, the ACC ordered Odle and Milan Capital, and any of their agents, employees, successors, and assigns, to permanently cease and desist from violating the Securities Act.
