What You Need to Know
- The former Woodbridge sales manager was charged in 2019 for his role in the $1.2 billion Woodbridge Ponzi scheme.
- He is currently serving a five-year prison sentence.
- The SEC accepted an offer of settlement by Ivan Acevedo in which he agreed to be barred from the sector.
The Securities and Exchange Commission barred one of the former sales managers at the Woodbridge Group of Cos. LLC who were charged in 2019 for their roles in the massive, $1.2 billion Woodbridge Ponzi scheme.
In an order on Jan. 19 that was posted on the SEC’s website, the regulator said it accepted an offer of settlement by Ivan Acevedo in which he agreed to be barred from associating with any broker, dealer, investment advisor, municipal securities dealer, municipal advisor, transfer agent or nationally recognized statistical rating organization.
He also agreed to be barred from participating in any offering of a penny stock and for any reapplication in the future to be subject to the applicable laws and regulations governing the reentry process, according to the SEC.
Acevedo recently started serving a five-year prison sentence for his role in the Woodbridge Ponzi scheme, the SEC said.