Arizona Corporation Commission Orders Revocation and $281,000 in Restitution Against Licensed Investment Advisor Who Borrowed Money from a Client

Phoenix, Ariz. - The Arizona Corporation Commission has ordered Kevin Ray Goodwin ("Goodwin") and Overwatch Management Group LLC ("Overwatch") to pay $281,000 in restitution and $28,000 in administrative penalties for violations of the Securities Act and the Investment Management Act. The Commission also revoked Goodwin's license as an investment adviser representative and Overwatch's license as an investment adviser.

Since 2022, Goodwin had been the sole manager of and licensed investment adviser with Overwatch. The Commission found Goodwin borrowed $300,000 from an individual with whom he had a client adviser relationship. Goodwin issued promissory notes to the client reflecting the funds he borrowed. The Commission found the conduct of Goodwin and Overwatch constituted dishonest and unethical practices in the securities industry.

All documents relating to this agenda item can be found in the Arizona Corporation Commission's online docket at https://edocket.azcc.gov and entering docket number S-21336A-24-0251. For further questions regarding this matter, or if you think you may be a victim of securities fraud, contact the Duty Officer of the Arizona Corporation at 602 542 0662 or email [email protected].