Indiana Brokers Sued for Role in $1.2B Woodbridge Ponzi Scam

Two Indiana men and their investment company raised $15 million as part of the $1.2 billion Woodbridge Ponzi scheme, according to an SEC complaint.

Alan New and David Knuth, co-owners of Synergy Investment Services LLC, made about $1.5 million in commissions for acting as unregistered brokers selling Woodbridge Group of Companies LLC stock, the Dec. 17 Securities and Exchange Commission complaint said. Both men and their firm consented to injunctions Dec. 18.

The Woodbridge scheme ran from July 2012 to December 2017 and took in $1.22 billion from over 8,400 investors, according to the complaint. The company is in bankruptcy ...