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Commission Finds Prescott Man Defrauded Investors

The Corporation Commission ordered former investment adviser representative Glen D. Hinshaw of Prescott and his affiliated company to pay $376,000 in restitution and a $15,000 administrative penalty for defrauding investors.

The Commission found that Hinshaw was the CEO of Resa Wearables, Inc., which was in the business of selling 3D-printed, custom insoles for shoes.

The Commission found Hinshaw and Resa Wearables raised capital by selling convertible notes and company stock to investors. The Commission found Hinshaw often solicited investors in Prescott with a slide show presentation about Resa Wearables and its presence within large box retailers.

However, the Commission found Hinshaw and Resa Wearables failed to disclose a prior stipulated fraud judgment of $2.8 million against Hinshaw obtained by three of his former investment advisory clients. In settling this matter, the respondents neither admit nor deny the Commission’s findings, but agree to the entry of the consent order.

All documents relating to this agenda item can be found in the Corporation Commission's online docket at https://edocket.azcc.govand entering docket number S-21109A-20-0186

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Arizona Corporation Commission

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Corporations Division

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