2 ex-Ariz. brokers accused of defrauding investors - Dallas News | myFOXdfw.com

2 ex-Ariz. brokers accused of defrauding investors

Posted: Updated:

PHOENIX (AP) - The federal Securities and Exchange Commission has accused two former Arizona brokers of stealing investments in a project to develop tankless water heaters.

The SEC alleges that Jeffrey Stebbins of Mesa and Corbin Jones of Gilbert diverted at least $1.8 million of investor money for their personal use and fraudulently obtained more than $6 million in stock for themselves.

Tankless water heaters are generally designed to instantly heat water as it passes through pipes rather than in large containers like traditional water heaters.

Authorities say Stebbins and Jones personally allegedly told investors that all of the money they raised would be used to develop the tankless water heater venture.

Instead, they allegedly diverted nearly 30% of the funds they raised to pay unrelated business expenses and lease luxury automobiles.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by WorldNow

400 N. Griffin Street
Dallas, Texas 75202

Main Station Directory:
(214) 720-4444
News Fax:
(214) 720-3263 or (214) 720-3333

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices