A pair of golf promotors who allegedly raised $2.1 million from investors to establish a pro golf tour they claimed was sponsored by golf legend Arnold Palmer — but instead used some of the money for themselves — will pay restitution, Colorado Securities Commissioner Gerald Rome said today.
A Loveland-based promoter also is permanently barred from the Colorado securities industry by Denver District Court order, Rome said.
The order names Loveland-based C.H.A.M.P. Financial Group Inc. and its sales representative, Brian Pebley.
It also requires C.H.A.M.P; its golf promoting partner, National Professional Golf Tour (NPGT); and NPGT's Texas owner, Lawrence Lunsford, to pay restitution in the amount of $30,000 by the end of 2017, Rome said.
The court orders resulted from a legal complaint filed by Rome last November against the defendants. The complaint alleged that the promoters had violated the Colorado Securities Act through the unlicensed solicitation and sale of investments for a professional golf tour.
Read more at the Denver Business Journal: http://bit.ly/2otZXQn