Ryan Miguel, Infinity Fuels hit with cease and desist order in Arizona.
On April 11, 2017 the Corporation Commissioner for the state of Arizona, acting through the Securities Division issued a cease and desist order against Ryan Miguel, a former registered representative with Merrill Lynch for violations of the Securities Act of Arizona, specifically section 44-1801. As a result of the cease and desist order Miguel had his license to sell securities in Arizona revoked.
The Securities Divisions’ complaint stems from an investigation into Infinity Fuels, a Nevada Corporation, which issued securities via a non-exempt private placement. Infinity Fuels was a startup company that purportedly was raising money to develop “waste to fuel” refinery capabilities. Miguel served as the chief development officer and was on the board of directors for Infinity Fuels. The Corporation Commissioner also found that Miguel made misstatements of material fact during the sales presentation for Infinity Fuels, which resulted in a customer being misled about the prospects of the company, and the return on the investment.