Gary Pevey Barred Over Unauthorized Note Sales in Woodbridge Ponzi Scheme

FINRA barred former Mutual Securities Inc. (Sacramento, CA) broker Gary Lyle Pevey for selling $1.11 million in Woodbridge promissory notes to 15 investors.

Woodbridge is the name of the real estate- and loan-related $1.2 billion Ponzi scheme, so named after the Sherman Oaks, California and Aspen Colorado-based Woodbridge Group of Companies, which, under the direction of Robert H Shapiro, purportedly victimized 8,400 seniors nationwide and has already resulted in discipline to many brokers and financial advisers.

According to FINRA's report of Pevey's misconduct (AWC #2018057586601), Pevey (CRD #2129469) sold $1.11 million in Woodbridge notes, receiving over $40,000 in commissions. The findings state that Pevey failed to notify Mutual Securities, Inc. about his involvement with Woodbridge and accordingly did not receive the firm's approval to sell the ill-fated Woodbridge notes.

Pevey's BrokerCheck report lists a pending customer dispute that alleges he sold high-risk and fraudulent investments and that Mutual Securities Inc.'s inadequate supervision contributed to $171,000 in damages.

If you have invested with Gary Lyle Pevey or with any broker or financial adviser who has sold you Woodbridge Group of Companies products or whose unapproved sales away from their employing firm has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for investigation and consultation.

Related Posts
  • Beverly Hills Broker Antoine Souma Barred After Failing to Cooperate with FINRA Investigation Read More
  • Centaurus Financial Penalized $1 Million for Unsuitable Structured Product Sales Read More
  • SoCal Broker Jay Eng Cited for Impersonating Customer in Call with Annuity Company Read More