Securities Lawyers Blog
The law offices of Gana Weinstein LLP continue to investigate the Woodbridge Group of Companies and the Woodbridge Mortgage Funds (Woodbridge). The Securities and Exchange Commission (SEC) has alleged that the Woodbridge operated a billion-dollar Ponzi scheme ensnaring about 8,400 investors. Woodbridge solicited hundreds of disreputable insurance agents and investment brokers to sell its false notes that the firm claimed to be backed by mortgages. In plain sight to regulators, Woodbridge engaged in a nationwide investment fraud by offering the sale of unregistered securities.
According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) Roger Owens (Owens) appears to be an agent for Woodbridge fraudulent note sales. Owens was formerly associated with Cetera Advisors LLC (Cetera) out of the firm’s Elkton, Maryland office location. Owens has four complaints related to his Woodbridge note sales.
In addition, in August 2019 FINRA found that Owens consented to sanctions and findings that he engaged in private securities transactions without providing notice to Cetera. FINRA determined that Owens solicited investors to purchase promissory notes relating to a purported real-estate investment fund [Woodbridge]. Owens was found to have sold at least $1,170,000 in promissory notes to investors while receiving $59,471 in commissions in connection with these transactions. FINRA also found that Owens falsely attested in compliance questionnaires that he had not engaged in any private securities transactions without receiving prior written approval from his firm.
