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

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 [email protected].