SEC bars four 'advisers' for selling unregistered Woodbridge securities

Sales of high-commission notes and private placements were at issue

May 22, 2019 @ 12:19 pm

By InvestmentNews

The Securities and Exchange Commission has barred four unlicensed "advisers" for selling unregistered securities from Woodbridge Group of Companies.

The barred individuals are Randy Rodberg of Mesa, Ariz.; Andrew Costa of Fort Lauderdale, Fla.; Claude Mosely of Myrtle Beach, S.C.; and Marcus Bray of American Canyon, Calif.

(More: Woodbridge Group execs charged with criminal fraud in Ponzi scheme)

The SEC said that Mr. Rondberg, through Trager, a company he owned and controlled, acted as an unregistered broker-dealer by selling unregistered Woodbridge securities between February 2015 and November 2016. The Commission said Mr. Rondberg received approximately $918,000 in commissions from the sale of approximately $15.5 million of promissory notes bearing 5%-8% interest and seven private placement fund offerings with five-year terms, the SEC said.

(More:SEC charges business journalist, 12 others who sold Woodbridge Ponzi)

Similar sales of unregistered securities were conducted by Mr. Costa through his firm, Costa Financial Insurance Services Corp.; Mr. Mosely, through his firm, Security Financial; and Mr. Bray, through his firm, Bradford Solutions.

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