SEC bars four 'advisers' for selling unregistered Woodbridge securities

SEC bars four 'advisers' for selling unregistered Woodbridge securities
Sales of high-commission notes and private placements were at issue.
MAY 22, 2019

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.

Latest News

The 2025 InvestmentNews Awards Excellence Awardees revealed
The 2025 InvestmentNews Awards Excellence Awardees revealed

From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.

Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty
Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty

Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.

Edward Jones joins the crowd to sell more alternative investments
Edward Jones joins the crowd to sell more alternative investments

“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.

Record RIA M&A activity marks strong start to 2025
Record RIA M&A activity marks strong start to 2025

Sellers shift focus: It's not about succession anymore.

IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients
IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients

Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.