According to a complaint recently filed by the Securities and Exchange Commission (SEC), the Woodbridge group of companies is nothing more than a Ponzi Scheme that raised more than $1.22 billion through unregistered and fraudulent securities offerings. More than 8,400 unsuspecting investors throughout the nation were scammed. At the time of the fund's collapse in December 2017, substantial losses had been suffered by investors.
Former HD Vest broker Jerry Raines was employed by HD Vest Investment Services from 2014 to 2017. Raines is currently the subject of four pending customer complaints, all surrounding allegations relating to Raines's sale of Woodbridge to his customers. In one of the complaints against him, a customer alleged that Raines took part in a civil conspiracy and committed overt acts that supported a fraudulent investment scheme. Another dispute alleges that Raines made unsuitable investment recommendations on the now bankrupt Woodbridge Mortgage Investment Fund 2.
Did You Suffer Financial Losses While Investing With Jerry Raines?
Victims of the alleged Ponzi scheme are encouraged to contact the securities fraud attorneys at Meyer Wilson right away to find out if they may be able to recover losses. Contact an experienced securities fraud lawyers by giving us a call at (800) 738-1960 for a free case evaluation today.