FINRA barred former Signator Investors Inc. broker David Carl Ferwerda for failing to cooperate with its investigation into the $1.2 billion Ponzi scheme concerning the Woodbridge Group of Companies, a fraud that involved sales of notes related to the unregistered companies known collectively as the Woodbridge Group, and which has affected at least 8,400 seniors across the United States, according to one estimate.
Signator Investors terminated Ferwerda (CRD #832431) in March 2018 for his involvement in "the sale of unapproved outside investments in violation of firm policy," while FINRA barred him in October after he refused to cooperate with investigators. The AWC also made reference to 1 Global Capital LLC, another troubled loan scheme.
Since the SEC charged Woodbridge Group of Companies owner Robert H Shapiro of Sherman Oaks, California and Aspen, Colorado with securities fraud in January 2018, FINRA sanctioned a handful of brokers tied to the fraud, including Christopher Wendel, Peter Holler, and Raymond Kotrozo.
Kotrozo and another individual, Barry Kornfield, also drew the regulator's ire for allegedly selling the Woodbridge products despite having been previously barred from the industry.
In September, FINRA barred HD Vest Investment Services reps Jerry Raines and Donna Barnard for similarly refusing to cooperate with its investigation into the fraudulent scheme.
If you have invested with David Carl Ferwerda or with any broker or financial adviser in the Woodbridge Group of Companies, 1 Global Capital LLC, or any other fraudulent promissory notes that were not properly registered with appropriate regulators, such as the SEC, and such an unsuitable and illicit investment has proven harmful to your financial interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for investigation and consultation.