Arizona Corporation Commission Orders $10,000 Penalty for Craigslist Securities Fraud

AZ Corp Commission News

Filed March 6th, 2026

Detected March 17th, 2026

Summary

The Arizona Corporation Commission ordered Dean Douglas Odle and MCM AF Assets LLC to pay $10,000 in administrative penalties for violating the Securities Act. The respondents engaged in fraudulent Craigslist investment advertisements offering high returns with misrepresented risks.

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What changed

The Arizona Corporation Commission (ACC) has imposed a $10,000 administrative penalty on Dean Douglas Odle and MCM AF Assets LLC (doing business as "Milan Capital") for violations of the Arizona Securities Act. The order stems from fraudulent investment advertisements posted on Craigslist between September 2025 and March 2026, which misrepresented the safety and returns of "After Foreclosure Assets" investments. Neither Odle nor Milan Capital were registered as securities dealers, salesmen, or investment advisors in Arizona, and they made misleading statements about the company's default history and the nature of the investments.

Regulated entities, particularly those involved in securities offerings or investment advising, should review this enforcement action as a cautionary example of misrepresentation and unregistered activity. The ACC has ordered Odle and Milan Capital to permanently cease and desist from violating the Securities Act. While no specific compliance deadline is mentioned for other entities, the $10,000 penalty highlights the financial consequences of non-compliance with registration and disclosure requirements under the Arizona Securities Act.

What to do next

Review current advertising and solicitation practices for compliance with Arizona Securities Act registration and disclosure requirements.
Ensure all investment offerings are properly registered or exempt from registration in Arizona.
Verify that all individuals and entities involved in selling securities are appropriately licensed or registered.

Penalties

$10,000 in administrative penalties

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If you are a member of the media, please email ngarcia@azcc.gov or call (602) 542-0728.

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ACC Orders $10,000 Administrative Penalty for Fraudulent Craigslist Investment Opportunity

Mar 6, 2026, 11:34
by
Nicole Garcia Phoenix, Ariz. - The Arizona Corporation Commission ordered Dean Douglas Odle and MCM AF Assets LLC, doing business as “Milan Capital” to pay $10,000 in administrative penalties for violations of the Securities Act. Odle is, a resident of Arizona, and controls Milan Capital. Milan Capital is a Wyoming-based limited liability company, and neither Odle nor Milan Capital is registered as a securities dealer or salesmen or licensed as an investment advisor in Arizona.

Beginning in September of 2025, Odle posted advertisements on Craigslist seeking investors to invest in “After Foreclosure Assets.” After foreclosure assets are surplus funds created when property is purchased at a foreclosure auction and the purchase price exceeds the amount owed to the mortgage lender. Respondents represented that the investments were safe and secure, offering low to no risk annual returns exceeding 50% and even 80%. Further, Respondents misrepresented that Milan Capital had not defaulted on an investment in three- plus years of business, while failing to disclose that it had been created just a few months earlier.

The Commission found that Odle and Milan violated the Arizona Securities Act by offering to sell securities within or from Arizona while not registered as dealers or salesmen. In addition, Odle and Milan made untrue statements and/or misleading omissions about the risks associated with the unregistered securities being offered. The Commission ordered Odle and Milan Capital, and any of their agents, employees, successors, and assigns, to permanently cease and desist from violating the Securities Act, as well as to pay $10,000 in administrative penalties.

All documents relating to this agenda item can be found on the ACC's online docket at https://edocket.azcc.gov and entering Docket no. S-21371A-25-0231. For further questions regarding this matter, contact the Investigator on Duty at the Arizona Corporation Commission’s Securities Division at 602-542-0662, or email SecuritiesDiv@azcc.gov.

Arizona Corporation Commission
Phoenix Office
1200 W. Washington Street
Phoenix, AZ 85007