FINRA-registered brokers Alan Harold New co-owner of Synergy Investment Services and Jeffrey L Wendel, formerly of Center Street Securities and Wendel Investment Network headline a list of 11 individuals charged in the SEC's latest complaint, filed in United States District Court for the Central District of California, alleging wrongdoing associated with the massive $1.2 billion Woodbridge Group of Companies Ponzi scheme.
Jeffrey Wendel (CRD #4497521)—not to be confused with Christopher Todd Wendel (CRD #1930870), whom the SEC previously charged with wrongdoing in the Woodbridge Ponzi scheme—actually listed "Woodbridge Wealth" of Sherman Oaks, California in the "other business activities" section of his BrokerCheck file, writing that he sold first position mortgages.
New (CRD #2892508), who was previously associated with NY Life Securities until 2016, presently faces 12 pending customer disputes, all alleging misconduct related to the Woodbridge Mortgage Investment Fund—sales of unregistered and fraudulent investments, failure to disclose material facts and risks, misrepresentation, and unsuitable recommendations.
One plaintiff wrote that New falsely represented the Woodbridge investments as "safe, secure and low risk." All complaints seek recovery of damages totaling over $3 million, which includes loss of investment, costs, and interest.
Meanwhile, the SEC's complaint states that its latest round of defendants is collectively responsible for raising $188 million from approximately 3,000 investors.
Others, such as Gregory Wylen Anderson (CRD #2113685), have no recent firm association, but nonetheless were barred from the securities industry (FINRA barred Anderson based on a Colorado Division of Securities cease and desist sanction concerning the sales of unregistered/non-exempt securities through Woodbridge Wealth...the CO Division of Securities identified the violative products as First Position Commercial Mortgage Notes.
The full list of individual defendants in the SEC's latest complaint are: Robert S. "Lute" Davis, Jr.; Donald Anthony Mackenzie; Aaron R. Andrew; Jeffrey L. Wendel; Randy T. Rondberg; Richard Fritts; Marcus Bradford Bray; Gregory W. Anderson; Claude Steven Mosley; and Gregory A. Koch.
The SEC additionally charged the following entities as defendants: Old Security Financial Group, Inc.; Paramount Financial Services, Inc. d/b/a Live Abundant; Wendel Financial Network, LLC a/k/a Wendel Retirement Planning; Trager LLC; Fritts Financial, LLC; Bradford Solutions, LLC; Balanced Financial, Inc.; Security Financial, LLC; and Koch Insurance Brokers, LLC.
If you have invested with any broker or financial adviser who unsuitably sold or recommended promissory notes from the non-exempt and unregistered Woodbridge Group of Companies, such as Woodbridge Wealth or Woodbridge Mortgage Investment Fund notes, that have proven harmful to your investments or interests, call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.