A Buckeye man, Michael Alexander Candelario, and his affiliated companies has been ordered by the Arizona Corporation Commission to pay a total of $199,110 in restitution and $55,000 in administrative penalties in connection with a “fix-and-flip” real estate scheme.
The Commission found that, while not licensed to offer and sell investments in Arizona, Candelario and his affiliated companies — REI Management LLC (formerly known as WLA Labs LLC) and REI House Buyers LLC — solicited investors through multiple websites with claims of aggressive investment returns of up to 30 percent per quarter.
The Commission found that Candelario failed to tell these investors about his criminal history of financial theft, the more than $1 million he owed in civil judgments and the federal tax liens against him.
Also, the Commission found Candelario manufactured and dispersed false deed of trust documents to at least one investor and failed to inform investors that some of his real estate investment properties were either in foreclosure or pending foreclosure.
