The SEC alledge that Acevedo and Roseman collectively received more than $3 million in transaction-based and other compensation.
Both defendants allegedly hired and trained Woodbridge’s salesforce and approved fraudulent marketing materials and sales scripts. Additionally, they allegedly created the false appearance that Woodbridge was operating a legitimate business. But in reality, it was a Ponzi scheme that used money from new investors to pay existing investors.
The SEC accused Acevedo and Roseman of violating the securities registration, broker-dealer registration, and anti-fraud provisions of the federal securities laws. It is seeking disgorgement of allegedly ill-gotten gains with interest and financial penalties.
In a statement, Eric Bustillo, Director of the SEC’s Miami Regional Office, said, “Acevedo and Roseman worked diligently to perpetuate this sham by preparing and false marketing materials to induce more investments, keeping this massive Ponzi scheme afloat.”
“The SEC is committed to continue to hold responsible parties accountable in this far-reaching scheme,” he added.
