Investors Beware (Salt Lake City, Provo, Kamas: real estate, tenant, zoning)

[vigilant]

This is an official press release from the Utah Division of Securities:

[SIZE=6][LEFT]State of Utah
Department of Commerce [/SIZE][SIZE=7]I [/SIZE][SIZE=3]Division of Securities[/LEFT]
[/SIZE][SIZE=1][LEFT]JON M. HUNTSMAN. JR.
GARY R. HERBERT FRANCINE A. GIANI THAD LEVAR WAYNE KLEIN[/LEFT]
[/SIZE][SIZE=1][LEFT]Lieutenant Gouerrror Depcrty Director Director of Securities[/LEFT]
[/SIZE][LEFT]NEWS RELEASE
October 17,2007[/LEFT]

[LEFT]SALT LAKE CITY, Utah [SIZE=1]- [/SIZE]Robert Leroy Maready. of Kamas, was ordered today to cease
soliciting nloney from investors claiming the nloiley would be used for a real estate development
project. Maready also must repay the $20,000 he took from the investor. The order was entered
by the Utah Divisioil of Securities. Maready consented to the order without admitting or deilyiilg
that he violated the law.
According to the order, Maready solicited $20,000 froin an investor clainling the money would
be used to survey and rezone property in Provo that would be sold to a residential real estate
developer. The order finds that Maready gave the investor a proillissory note that promised to
double the investment in six months. He claimed he had worked in real estate for over twenty
years and that the property would be developed into 5 1 residential lots which would sell for
$1 00,000 each. The investment was made in February 2005 through two of Maready's
companies, Pony Express Road, Inc. and Athena Capital, Inc.
Six months later, the investor became suspicious when the owners of the property told him that
Maready had stopped any development work and relinquished his right to develop the land. The
investor contacted Provo City who said Maready had not submitted any zoning plans. The
investor contacted the Division of Securities which coilducted an investigation.
The Division's enforcement order finds that Maready failed to tell the illvestor that he spent time
in an Arizona prison after being convicted of fraud and theft. Maready also failed to disclose
several civil suits and judgments against him from the early 1990s and did not provide the types
of disclosures required when soliciting investments. He is ordered to cease and desist fi-om
coillmitting ally violations of the securities laws and pay restitution to the victim. Maready has
already repaid $1 5,000 to the investor.
Investors are urged to contact the Division to make sure ailyoile offering investments is !icensed.
801.530.6600, or toll free at 1.800.721.7233. www.securities.uta11.gov (broken link).[/LEFT]
[SIZE=1][LEFT]160 East 300 South, 2nd Floor, Box 146760, Salt Lake City, UT 841 14-6760 [/SIZE][SIZE=1]telephone (801) [/SIZE][SIZE=1]530-6600 [/SIZE][SIZE=1]facsimile (801) [/SIZE][SIZE=1]530-6980[/LEFT]
[/SIZE][SIZE=1][LEFT]ernail: security@utah.gov www.securities.utah.gov[/LEFT]
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