The Securities and Exchange Commission (“SEC”) has imposed a permanent ban against Securities America Advisors, Inc. representative Ronald James Roach, of Securities America Advisors’ Walnut Creek, California office.
The SEC’s ban follows a court action in which the SEC alleged that Roach and co-conspirator Joseph Bayliss engaged in fraudulent securities offerings and a massive Ponzi scheme that raked in over $910 million in investor funds. The scheme involved touting investments opportunities in solar energy companies in the business of making, leasing, and operating mobile solar generators.
In reality, thousands of the purportedly profitable generators were never made or put into use and, in classic Ponzi scheme fashion, the vast majority of revenue to investors came from other investors’ money, not from lease payments related to the generators.
The SEC found that Roach prepared false financial statements reporting that the business had significant revenue from leases, used his accounting firm to lend authenticity to the reporting, and in some cases provided the fraudulent financial statements directly to investors.
While investors were losing money, Roach and Bayliss purchased luxury vehicles and real estate. Roach was also charged and pled guilty to conspiracy to commit wire fraud and securities fraud. Following his guilty pleas, the SEC entered an order permanently barring Roach from further participation in the securities industry in any capacity.
If you or someone you know lost money as a client of Ronald Roach or Securities America Advisors due to unsuitable, misrepresented, or unauthorized transactions, please call the Frankowski Firm at 888.741.7503 or fill out this contact form.