SEC bars Virginia state investment adviser over Ponzi scheme

Agency says Edward Moody Jr. has already pleaded guilty to one count of mail fraud

Jun 21, 2019 @ 1:36 pm

By InvestmentNews

The Securities and Exchange Commission has barred Edward Moody Jr., an investment adviser registered with the state of Virginia, for operating a Ponzi scheme that defrauded investors.

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

The agency said that Mr. Moody, of Chesterfield, Va., and his wholly owned firm "defrauded dozens of investors by, among other things, misusing and misappropriating investor funds, falsely telling investors that their funds had been profitably invested, and sending out false account statements indicating that investors funds were fully invested and earning returns."

Last October, Mr. Moody pled guilty to one count of mail fraud and one count of engaging in a monetary transaction in criminally derived property.


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