The Arizona Corporation Commission issued the following press release on August 11, 2011:<\/p>\n
\n” the Commission ordered Joseph Consenza of Phoenix to pay $205,000 in restitution and a $20,000 administrative penalty for defrauding seven investors in connection with the offer and sale of unregistered securities.\u00a0 The Commission found that, while not registered to offer and sell securities in Arizona, Consenza, who was the sole manager of Scottsdale-based U.S. Media Team, LLC, sold a promissory note to one investor and\u00a0misused those\u00a0funds\u00a0to pay for personal expenses and to\u00a0make payments to other individuals. \u00a0Additionally, the Commission found that, while\u00a0president and chief executive officer of Nevada-based Cell Wireless, Inc., Consenza offered and sold\u00a0his company\u2019s stock\u00a0to six investors\u2014five of whom were friends and family of Consenza\u2019s initial investor\u2014and represented that investor money would fund the operations and acquisitions of Cell Wireless, Inc. Further, the Commission found that, while promising sizable monetary returns, Consenza represented the risk level of the\u00a0stock investment\u00a0as low yet failed to inform investors that U.S. Media Team, LLC had defaulted on a prior merger agreement with Cell Wireless, Inc.\u00a0 In settling this matter, Consenza neither admitted nor denied the Commission findings, but agreed to the entry of the consent order. “<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"
The Arizona Corporation Commission issued the following press release on August 11, 2011: ” the Commission ordered Joseph Consenza of Phoenix to pay $205,000 in restitution and a $20,000 administrative penalty for defrauding seven investors in connection with the offer and sale of unregistered securities.\u00a0 The Commission found that, while not registered to offer and sell securities in Arizona, Consenza, who was the sole manager of Scottsdale-based U.S. Media Team, LLC, sold a promissory note to one investor and\u00a0misused those\u00a0funds\u00a0to pay for personal expenses and to\u00a0make payments to other individuals. \u00a0Additionally, the Commission found that, while\u00a0president and chief executive officer of Nevada-based Cell Wireless, Inc., Consenza offered and sold\u00a0his company\u2019s stock\u00a0to six investors\u2014five of whom were friends and family of Consenza\u2019s initial investor\u2014and represented that investor money would fund the operations and acquisitions of Cell Wireless, Inc. Further, the Commission found that, while promising sizable monetary returns, Consenza represented the risk level of the\u00a0stock investment\u00a0as low yet failed to inform investors that U.S. Media Team, LLC had defaulted on a prior merger agreement with Cell Wireless, Inc.\u00a0 In settling this matter, Consenza neither admitted nor denied the Commission findings, but agreed to the entry of the consent order. “<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-3708","post","type-post","status-publish","format-standard","hentry","category-llcs-securities-laws"],"yoast_head":"\n
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