Tower Equities and Philip A.
Lehman
Arizona Corporate Commission revoked the securities
dealer registration of Tower Equities, Inc., and the securities salesman
registration of Philip A. Lehman of Dayton, Ohio.
The action against these entities, which had customers
in Arizona since 1998, was provoked by a finding of the Securities and Exchange
Commission that Tower and Lehman committed willful securities fraud in
connection with four different offerings that raised more than $10 million from
investors in 15 states. One of the four was found to be an investment that did
not exist. In another, investors were told their funds were invested
in viatical securities with an expected return of 33 percent after one year.
No Arizona investors participated in any of these
fraudulent investments. The Arizona Corporate Commission revoked the
registrations of Tower and Lehman as one means of protecting investors by
allowing the state to revoke licenses of people who commit illegal acts
involving securities and investment products in other states.
Ed. Note: Other states take notice. If you are not
doing enough to protect those who live within your borders, this is a good
policy to adopt.
Dated: March 7, 2001
