2020 0129 – SEC – In the Matter of Paramount Financial Services, Inc. d/b/a Live Abundant – [Doug Andrew] – Release No. 88070 – Administrative Proceeding – File No. 3-19680

  • 2020 0129 – SEC – In the Matter of Paramount Financial Services, Inc. d/b/a Live Abundant – [Doug Andrew] – Release No. 88070 – ADMINISTRATIVE PROCEEDING – File No. 3-19680 – [Woodbridge]  —  [BonkNote]  —  3p
  • In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement (the “Offer”) which the Commission has determined to accept.
  • III. On the basis of this Order and Respondent’s Offer, the Commission finds that:
  • Woodbridge Group of Companies
  • 2. On January 17, 2020, a judgment was entered by consent against Live Abundant permanently enjoining it from future violations of Sections 5(a) and 5(c) of the Securities Act of 1933 and Section 15(a)(1) of the Exchange Act, in the civil action entitled Securities and Exchange Commission v. Robert “Lute” Davis et al., Civil Action Number 2:18-cv-10481-FMO-JC, in the United States District Court for the Central District of California.
  • 3. The Commission’s first amended complaint alleged that, among other things, between from at least November 2015 and July 2017, Live Abundant and Andrew offered and sold Woodbridge securities.
    •  For the Fund Offerings, Andrew and Live Abundant received a 5% sales commission that Woodbridge purposefully mischaracterized as a “marketing bonus,” to avoid the appearance of paying transaction based commissions.
    • Andrew and Live Abundant received approximately $1.8 million in transaction based commissions from Woodbridge earned as a result of raising approximately $43 million through the sale of Woodbridge securities to investors.
  • IV. Accordingly, it is hereby ORDERED pursuant to Section 15(b)(6) of the Exchange Act, that Respondent Live Abundant be, and hereby is barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization; and