The accused are Barry M. Kornfeld, Ferne Kornfeld, Lynette M. Robbins, Andrew G. Costa, Albert D. Klager, and their companies.
The Securities and Exchange Commission (SEC) announced on Monday that it has charged five individuals and four companies for illegally selling securities of Woodbridge Group of Companies LLC. Towards the end of 2017, Woodbridge went bankrupt and was charged by the US regulator for operating a $1.2 billion Ponzi scheme.
The five individuals that were charged by the SEC are Barry M. Kornfeld, Ferne Kornfeld, Lynette M. Robbins, Andrew G. Costa, Albert D. Klager, and their companies. According to the statement from the securities watchdog, the accused were some of the top revenue producers for Woodbridge. Together they sold more than $243 million of its unregistered securities to more than 1,600 retail investors.
SEC Claims That the Individuals Made Millions in Commission
Complaints against the individuals claim they made millions of dollars in commissions on their sales of the illegal securities. This is despite the fact that they were not registered as broker-dealers and were therefore not allowed to sell securities in the first place. This was not the first charge for Kornfeld. According to the statement, Kornfeld’s actions violated a previous SEC order which prohibited him from acting as a broker.
The latest charges are part of an ongoing investigation. They seek court-ordered injunctions, the return of the illegally-obtained interest and financial penalties against the Kornfelds, Costa, Klager and their companies.
From the defendants, Robbins and her company, Knowles Systems Inc. agreed to settle the charges in a separate action. However, she has not admitted nor denied the allegations. Nonetheless, she will return more than $1 million worth of alleged illegally-gained interest. Furthermore, Robbins will also pay a $100,000 civil penalty.
Commenting on the charges, Eric I. Bustillo, Director of the SEC’s Miami Regional Office said: “the broker-dealer and securities registration provisions are vital protections for retail investors. Our actions allege the defendants, while not registered as broker-dealers, pocketed millions of dollars in unlawful commissions from their widespread sales of unregistered Woodbridge securities.”
The Securities and Exchange Commission (SEC) announced on Monday that it has charged five individuals and four companies for illegally selling securities of Woodbridge Group of Companies LLC. Towards the end of 2017, Woodbridge went bankrupt and was charged by the US regulator for operating a $1.2 billion Ponzi scheme.
The five individuals that were charged by the SEC are Barry M. Kornfeld, Ferne Kornfeld, Lynette M. Robbins, Andrew G. Costa, Albert D. Klager, and their companies. According to the statement from the securities watchdog, the accused were some of the top revenue producers for Woodbridge. Together they sold more than $243 million of its unregistered securities to more than 1,600 retail investors.
SEC Claims That the Individuals Made Millions in Commission
Complaints against the individuals claim they made millions of dollars in commissions on their sales of the illegal securities. This is despite the fact that they were not registered as broker-dealers and were therefore not allowed to sell securities in the first place. This was not the first charge for Kornfeld. According to the statement, Kornfeld’s actions violated a previous SEC order which prohibited him from acting as a broker.
The latest charges are part of an ongoing investigation. They seek court-ordered injunctions, the return of the illegally-obtained interest and financial penalties against the Kornfelds, Costa, Klager and their companies.
From the defendants, Robbins and her company, Knowles Systems Inc. agreed to settle the charges in a separate action. However, she has not admitted nor denied the allegations. Nonetheless, she will return more than $1 million worth of alleged illegally-gained interest. Furthermore, Robbins will also pay a $100,000 civil penalty.
Commenting on the charges, Eric I. Bustillo, Director of the SEC’s Miami Regional Office said: “the broker-dealer and securities registration provisions are vital protections for retail investors. Our actions allege the defendants, while not registered as broker-dealers, pocketed millions of dollars in unlawful commissions from their widespread sales of unregistered Woodbridge securities.”
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
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