Attorney General announces $160,000 contempt judgment against business broker Tyrone Tymkovich
DENVER — Colorado Attorney General John Suthers announced today that an Arapahoe County District Court judge has ordered Tyrone E. Tymkovich (DOB: 12/30/1977) of Aurora to pay $160,000 after he violated a Feb. 18, 2010 order barring him from soliciting businesses as a broker.
According to the contempt judgment, Tymkovich admitted to continuing to solicit businesses using the alias “Adam Smith” for a New Jersey based company, HDI Consultants. The contempt judgment permanently bars Tymkovich from continuing any solicitation or sales of his broker services. Tymkovich also admitted to failing to make proper disclosures while acting as a business broker, including that “the likelihood of (Tymkovich) selling a business is less than one out of a hundred based on past performance” and “that [Tymkovich’s] company has generated more than $2.8 million in revenue from monies collected for valuations, yet it has earned less than $100,000 from actual sales of businesses.”
The Office of the Attorney General filed a lawsuit against Tymkovich, and Sam Levine (DOB: 2/1/1967) of Castle Rock on suspicion that they, through their two Englewood-based businesses, defrauded more than 700 businesses in Colorado and other states between July 2006 and September 2009. According to the complaint, Tymkovich, Levine or their employees at Englewood-based Corporate Acquisitions Group and Englewood-based Global Acquisitions Group would approach small businesses and inform them that either buyers were interested in acquiring their firms or their businesses could be sold. Tymkovich, Levine and their employees are accused of convincing more than 700 businesses in Colorado and other states to allow them to conduct an appraisal of their business for $5,000. Of the $5,000 Tymkovich and Levine’s businesses collected from their clients, only about $1,000 of the fee was actually devoted to completing the appraisals.
Tymkovich and Levine also are alleged to given the clients a money-back guarantee in the event of no sale occurring. However, Tymkovich and Levine only followed through when a business complained to either the Better Business Bureau or the authorities, according to the complaint.