Texas Broker Reaches Disgorgement Deal in SEC Ponzi Scheme Case

A Texas broker agreed to hand over more than $334,000 to the SEC to fully resolve a suit stemming from the $1.2 billion Woodbridge Ponzi scheme, according to federal court filings in California.

Brett Pittsenbargar will pay a $100,000 civil fine as part of the settlement, the Securities and Exchange Commission told the U.S. District Court for the Central District of California. He’s jointly and severally liable with his company, MGM Home Remodeling LLC, for more than $234,000 in disgorgement and prejudgment interest, the filings said.

Pittsenbargar and MGM allegedly made $1 million in commissions on his sales of ...