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Without admitting or denying the finding that he had not obtained the prior approval of the sale of the promissory notes, Powell agreed to be permanently banned from the securities industry. Powell did not respond to CNBC's calls for comments.
Another broker was also excluded after selling $ 2.7 million worth of Woodbridge notes, which earned $ 109,900 in commissions.
Michael Rappa, of Roseville, Calif., Accepted the ban without admitting nor denying the guilt of the findings. He did not respond to a request for comment from CNBC.
Rappa was a registered representative with Foresters Equity Services in San Diego, which has since closed.
Foresters Financial, an owner of the Canadian owner of this broker-dealer, declined to comment due to ongoing litigation in this case. The spokesman also said that the company had closed its brokerage agency as part of a change of focus on its core business of life insurance.
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Meanwhile, a broker lost his job and was suspended for a month. According to FINRA, Kirk Bertsch of Spearfish, South Dakota, reportedly sold an investor a $ 50,000 Woodbridge note for $ 1,500. The FINRA documents also show that he invested $ 240,000 of his own money.
Although the suspension of Bertsch was lifted in mid-March, it does not remain affiliated with any registered company.
His former broker, Farmers Financial Solutions, of Westlake Village, California, fired him in August 2018 for promissory note claims, reports FINRA. The regulatory authorities of the State of South Dakota also fined him $ 5,000 and prohibited him from reselling securities in the state.
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