The SEC (Securities and Exchange Commission) advanced charges against former executives of Woodbridge Group. The total claim is $1.2 billion. Woodbridge engaged in an elaborate Ponzi, mostly against the elderly.
Ivan Acevedo and Dane R. Roseman, former directors of investments at Woodbridge, were charged for their roles in the scheme. Acevido and Roseman, were former controlling persons of Woodbridge
The criminal charges against them pend in Federal Court in Los Angeles.