KNOXVILLE, Tenn. (WATE) – A Knoxville financial planner and his firm have been charged by the Securities and Exchange Commission with illegally selling securities.
Henry J. “Trea” Wieniewitz II and his Knoxville-based company Wieniewitz Financial LLC. have settled with the SEC without admitting or denying the allegations, the SEC said.
Wieniewitz and his firm agreed to be subject to injunctions, with the amount of disgorgement, interest, and penalties to be determined later, the securities regulator said.
According to the SEC’s complaint, Wieniewitz and Wieniewitz Financial illegally offered and sold Woodbridge and 1 Global securities to more than 630 retail investors from at least February 2016 to July 2018.
Wieniewitz and Wieniewitz Financial raised more than $11.4 million and made $500,000 in commissions from unlawful sales of Woodbridge securities, and raised more than $53 million and made $3 million in commissions from unlawful sales of 1 Global securities, according to the SEC.
The SEC has charged “numerous” Woodbridge sales agents for various violations, according to an agency news release.
Woodbridge is part of a large investigation into a $1.2 billion Ponzi scheme, the SEC said. 1 Global and its owner have been charged by the SEC with operating a fraudulent scheme to misappropriate millions of dollars from investors.