SEC v. Robert S. "Lute" Davis, Jr., et al., Jordan E. Goodman., Alan H. New, et al. (ponzi schemes, 2018)

Settled

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In December 2018 the SEC charged 13 more individuals and 10 companies for selling Woodbridge securities without registration; Jordan Goodman, who also touted Woodbridge without disclosing payment, settled for $2.29 million of disgorgement, $315,850 of interest and a $100,000 penalty. The figures in this record are Goodman's.

The record

What was ordered

Civil penalty

$100k

Disgorgement

$2.3m

Prejudgment interest

$316k

Total relief

$2.7m

Alleged gain

—

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

The SEC said the 13 sold more than $350 million of Woodbridge securities to more than 4,400 investors and earned millions of dollars in commissions. The same release reports settlements with Florida agents Barry and Ferne Kornfeld and Albert Klager, with separate amounts, and states that Synergy Investment Services, Alan New and David Knuth settled with amounts to be set by the court.

This library tags the matter as ponzi schemes because the document describes money from later investors being used to pay earlier ones. The tagging is ours, not the regulator's: agencies charge statutory provisions, not technique names.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Ponzi schemes — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2018-12-19 Litigation release published

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEC litigation release

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added September 10, 2026. submit a correction.