SEC v. Roger E. Dobrovodsky (unregistered distributions, 2021)

Settled

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In 2021 the SEC settled an administrative order against Roger E. Dobrovodsky for selling unregistered StarGrower offerings as an unregistered broker, with $203,981 disgorgement, $15,802 interest and a $150,000 penalty.

The record

What was ordered

Civil penalty

$150k

Disgorgement

$204k

Prejudgment interest

$15.8k

Total relief

$370k

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

On August 30, 2021 the SEC accepted a settlement with Roger E. Dobrovodsky. The order finds that from August 2016 to May 2019 he acted as an unregistered broker and sold StarGrower Commercial and StarGrower Asset offerings, in violation of Securities Act Sections 5(a) and 5(c), and that he failed to disclose to advisory clients a conflict from a debt owed him by the offerings' principal. He is ordered to pay $203,981 in disgorgement, $15,802 in interest and a $150,000 penalty. The record previously showed $4,924,275 and $272,366, which were a co-defendant's joint figures from another case, and a $50,000 penalty from his earlier federal case.

This library tags the matter as unregistered distributions, based on the conduct the document describes. The tagging is ours, not the regulator's: agencies charge statutory provisions, not technique names.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

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.

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

Timeline

1. 2021-08-30 Administrative proceeding instituted (cease-and-desist)

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 order

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.