A Mesa man, Michael Saquella, and his affiliated companies — Best Image I, and Cactus Blue Entertainment, has been ordered by the Arizona Corporation Commission to pay $915,005 in restitution and a $100,000 administrative penalty for defrauding investors with a movie-making venture.
In its default order, the Commission found that respondent Saquella failed to disclose to investors his prior criminal conviction for securities fraud.
Also, Saquella misused investor funds on personal expenses and to make Ponzi-like payments to earlier investors.
