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Fines, Restitution, “Recommended” For Law Firm Owner In Wayward Investment Scheme

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October 14, 2020

A South Carolina law firm and its attorney/owner are among respondents who could face nearly $3 million in fines and restitution, in a matter before the Arizona Corporation Commission. An administrative law judge, in a recommendation that would require Commission approval, called for $2.5 million in restitution and $480,000 in fines, for what he described as a fraud and a violation of Arizona Securities Laws. The first step in the alleged scheme, as described in the Charleston Post Courier, involved getting cash-strapped military veterans to sign over years of disability or pension payments in exchange for a one-time payment. The future payments were then to be routed to investors, more than 20 of whom are said to have lost their life savings. The law firm, The Upstate Law Group, “effectively served as the banker, legal counsel and debt collector for the entire operation,” the article says. The recommendation was scheduled to be taken up by a special meeting of the Arizona Corporation Commission on October 13 and 14.

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