Investigation

The organization may have violated the anti-fraud provisions of federal securities laws after raising $1 billion from investors

Since November of 2016, the Securities and Exchange Commission (SEC) has been looking into the Woodbridge Group of Companies, based in Sherman Oaks, California. The real estate investment company – which owns or controls 235 limited liability companies (LLCs) around the U.S. – could be involved in the improper sale of securities, says the government agency.

In August, all 235 LLCs received subpoenas in an attempt by the SEC to get information about a variety of things, including managers and members, as well as payments that have been made to Woodbridge. The deadline to produce relevant documents was the end of August, but the SEC filing states that they did not get a sufficient response. Now the SEC is seeking a federal order to get the LLCs to comply. The emails accounts of executives and salespeople are also being sought.

Paul Posillico, a New York stock broker, is no longer licensed.

After ten years in the securities industry, Paul Posillico has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public. Although his barring occurred in June of 2015, Posillico was in hot water with FINRA for years before, including five complaints against him and two regulatory disputes.

His employment history includes most recently working as a broker for Aegis Capital Corporation in Melville, New York, from February 2013 to October 2014. He was also employed at Obsidian Financial Group from April 2008 to April 2013, a firm that was expelled by FINRA in October 2013.

Articles Tagged with Investigation

The Woodbridge Group of Companies is Under Investigation by the SEC

The organization may have violated the anti-fraud provisions of federal securities laws after raising $1 billion from investors

Paul Posillico, Aegis Financial Corp., Investigation

Paul Posillico, a New York stock broker, is no longer licensed.