Ongoing OFR investigation shows victims scammed for nearly $7 million
The Florida Office of Financial Regulation today announced that an administrative complaint has been filed against seven firms and individuals, who offered and sold unregistered securities of Woodbridge Capital Investments, Inc., and other associated companies, to approximately 57 victims while not being registered as required by Chapter 517, Florida Statutes.
CFO Jimmy Patronis said, “Protecting Floridians from fraud and abuse is one of my top priorities, especially when it deals with our seniors. They have worked their entire life to build a nest egg and cannot afford to have it stolen by scam artists. Let me be clear: if you commit fraud in Florida you will be caught and you will be held accountable.”
Interim Commissioner Pamela Epting said, “Preying on our elderly population for financial gain is a heinous crime. The Florida Office of Financial Regulation is committed to protecting Floridians from bad actors, and our investigative team will continue working this case to ensure those responsible for fraud and illegal financial activity are brought to justice.”
The administrative complaint has been issued against:
- Phillip Larry Ball;
- Gordon Carrington Hannah;
- Retirement Planning Solutions, LLC;
- Bender Wallace “Wally” Mackey;
- Sycamore Group, Inc.;
- Kevin Francis Quinn; and
- LTC Planning, Inc.
In its second wave of actions in this case, the OFR’s administrative complaint alleges that the named sales agents and companies violated the Florida Securities and Investor Protection Act by unlawfully selling unregistered securities to Floridians. The administrative complaint alleges that approximately 57 victims bought nearly $7 million in investments from the named sales agents.
This is an ongoing investigation. In November 2017, the Florida Office of Financial Regulation sent a questionnaire to more than 800 Floridians believed to be investors in Woodbridge. If you invested in Woodbridge and have not received a questionnaire, please contact the Florida Office of Financial Regulation at (850) 487-9687.
Read the administrative complaint here.
