William Poynter has been barred from the financial services industry after refusing to appear at a hearing concerning his expense reporting practices.
Did You Lose Money Investing with William Poynter?
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According to reporting from InvestmentNews, the Securities and Exchange Commission (SEC) has barred four unlicensed individuals who were acting as “advisers” from the industry. The administrative sanctions were brought against:
● Randy Rondberg of Arizona;
● Marcus Bray of California:
● Andrew Costa of Florida; and
● Clause Mosley of South Carolina.
In all four cases, the unlicensed individuals operated companies through which they sold unregistered Woodbridge securities to investors.
As an example, Andrew Costa used his company Costa Financial Insurance Services Corp to sell more than $13 million in Woodbridge securities to at least 76 different investors. While he raked in $735,000 in commissions, the investors suffered major losses. Similar allegations have been raised against Mr. Rondberg, Mr. Bray, and Mr. Mosley.
Woodbridge: Ponzi Scheme
In late 2017, the Woodbridge Group was exposed by regulators as a $1.2 billion Ponzi scheme. Indeed, three Woodbridge executives have been charged with criminal fraud. Unfortunately, many investors were improperly sold these high-risk, high-commission private placement securities based on false promises from financial professionals. While Woodbridge financial products were touted as safe and secure, the underlying business was wholly fraudulent. Too many financial professionals failed to perform adequate due diligence before offering these investments.
Jeffrey R. Sonn is an investment lawyer with more than three decades of experience. If you lost money investing in Woodbridge securities, he is prepared to help. Call Mr. Sonn today at (305) 912–3000 to set up a free review of your case.
Disclaimer: This article contains opinions and NOT statements of fact in any way whatsoever. The information here is general information that should not be taken as legal advice. NO attorney-client relationship is established between you and our attorneys by reading this article. This article is attorney advertising and should not be used as a substitute for legal advice from a qualified securities lawyer.