Texas Broker Made $1 Million From Woodbridge Ponzi, SEC Says

An unregistered Texas broker and his company made $1 million in commissions while aiding the $1.2 billion Woodbridge Ponzi scheme, the SEC said in a California federal district court filing.

Brett Pittsenbargar “personally solicited and sold” Woodbridge Group of Companies LLC securities worth more than $18 million, according to the Securities and Exchange Commission complaint filed in the U.S. District Court for the Central District of California Nov. 25. The scheme collapsed in late 2017 and has spawned several SEC and Justice Department actions.

Pittsenbargar and MGM Home Remodeling LLC, also known as BP Financials, sold Woodbridge securities to at ...