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

Edward Jones facing more race bias claims in new lawsuit
Edward Jones facing more race bias claims in new lawsuit

A private partnership, Edward Jones is a giant in the retail brokerage industry with more than 20,000 financial advisors.

Advisor moves: LPL recruitment momentum continues with $815M Northwestern Mutual team
Advisor moves: LPL recruitment momentum continues with $815M Northwestern Mutual team

Meanwhile, Raymond James and Tritonpoint Partners separately welcomed father-son teams, including a breakaway from UBS in Missouri.

SEC chief Atkins signals caution on prediction market ETFs amid broader rethink of novel fund structures
SEC chief Atkins signals caution on prediction market ETFs amid broader rethink of novel fund structures

Paul Atkins has asked staff to solicit public comment on novel ETFs, pausing the clock on as many as 24 filings linked to the booming event contracts market.

Private capital's $1 trillion bet on the American retirement account
Private capital's $1 trillion bet on the American retirement account

From 401(k)s to retail funds, Deloitte sees private equity and credit crossing into mainstream investing on two fronts at once.

Advisor moves: Wells Fargo Advisors pulls in $9.6b in fresh talent during first half of May
Advisor moves: Wells Fargo Advisors pulls in $9.6b in fresh talent during first half of May

Big-name defections from Morgan Stanley, UBS, and Merrill Lynch headline a busy two weeks of recruiting for the wirehouse.

SPONSORED Are hedge funds the missing ingredient?

Wellington explores how multi strategy hedge funds may enhance diversification

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management