Judge Backs Contempt If Unregistered Agent Doesn't Pay SEC

Law360 (June 4, 2021, 8:51 PM EDT) -- A federal magistrate has recommended that a Florida man be given three months to arrange payment of a nearly $900,000 judgment entered against him for allegedly selling unregistered securities of the Woodbridge Group of Companies LLC, which was revealed as a $1.2 billion Ponzi scheme, or be held in contempt.

Miami-based U.S. Magistrate Judge Jonathan Goodman suggested in a report and recommendation Thursday that the U.S. District Court for the Southern District of Florida grant the U.S. Securities and Exchange Commission's motion for a show cause order, require Andrew G. Costa to pay the May 2019 consent judgment, and hold him...

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