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PARADISE VALLEY, Ariz. -- A Paradise Valley securities dealer has been ordered to pay more than more than $759,000 by Arizona regulators for selling fake stock shares to investors.

The Arizona Corporation Commission on Tuesday ordered James F. Liebes and his Lanesborough Financial Group to repay investors nearly $685,000 and pay a $75,000 administrative penalty.

The commission found that Liebes was selling stock in publically traded companies that he didn't own. He also wasn't registered to sell securities in Arizona.

The commission also sanctioned Liebes and his company for not disclosing to clients that he already faced enforcement action filed by the Commission's securities division.

Liebes did not respond to the commission's civil charges after being served in November and no attorney is listed in the case documents.

Associated Press,

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