The Arizona Corporation Commission has ordered John Uranga to pay a heavy fee for securities fraud related to a sports betting fund. PHOENIX – The Arizona Corporation Commission ordered a Phoenix man to pay more than $ 500,000 in compensation for duped investors who invested in a sports betting fund. During a September 8 meeting, the commission decided to punish John Uranga for misleading people who invested in a fund they thought would pool their money to play sporting events. Uranga was sentenced to $ 459,699 in compensation and an administrative fine of $ 100,000. According to the commission, Uranga encouraged people to invest in the sports betting fund by posting social media posts suggesting that he led a luxurious lifestyle. “Uranga claimed to have five cars, three houses in three different states, two apartment complexes, and several stores; including two body shops, a hotel, a car dealership, six cell phone stores, a pawn shop, a multimedia company, a property management company and a gun shop, “the commission’s records read. Gambling records showed Uranga only had legitimate sports bets worth $ 6,560 in 2018 and, according to the commission, had suffered a net loss of $ 2,460 from the activity. The commission said it found that a significant portion of Uranga’s revenue was funded by investor money. “The commission also found that (Uranga) failed to pay principal or interest to investors and notify future investors that previous investors were not paid, “the agency wrote in a statement. RELATED: Arizona Prison Officials Union President convicted of embezzlement of funds RELATED: Sports Betting Goes Live in Arizona. Subscribe today.
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