1300 W. Washington Street
Phoenix, AZ 85007-2996
The Corporation Commission ordered Daniel Goman of Los Angeles, California and his affiliated company OWNZONES Media Network, Inc. to pay $4.5 million in restitution for fraudulently offering and selling unregistered company stock.
The Commission found that because Goman is of Romanian descent, the securities sales in OWNZONES Media Network, Inc. were concentrated among Romanian immigrants and residents of Romania.
The Corporation Commission found that OWNZONES Media Network, Inc. falsified some subscription documents to indicate that investors were accredited investors. Additionally, OWNZONES Media Network, Inc. sent some subscription documents pre-marked to indicate accredited investor status without knowing whether the recipients were accredited investors. The number of non-accredited investors was further obscured by persons referred to as "sub-investors" who invested under the name of existing investors.
Also, the Commission found Goman and his affiliated company failed to disclose to some investors the investment risks and that OWNZONES Media Network, Inc. failed to disclose a then-pending bankruptcy petition by Goman.
In settling this matter, Goman and his affiliated company 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.gov and entering docket number S-21101A-20-0068.