Redwood Falls, Minn., man ordered to stop selling securities, pay $300,000 fine
ST. PAUL — State Commerce Commissioner Mike Rothman on Thursday ordered Jeffrey Rodd of Redwood Falls and Redwood Valley Interests LLC to cease and desist from selling securities in the state of Minnesota and ordered him to pay a $300,000 fine.
According to the Department of Commerce, the actions were taken after a citizen reported that they had not been repaid on their investment. The investigation found that four southwestern Minnesota residents solicited by Rodd were senior citizens, one of whom had been suffering from dementia at the time of investment; and two investors who claim to have invested their entire retirement savings. The department’s order alleges further ongoing wrongful conduct that appears to be a pattern of activity designed to defraud investors.
Based on its investigation, the Commerce Department concluded that Rodd committed numerous violations of Minnesota laws intended to protect investors. Minnesota law requires persons selling investments to be licensed by the state, to register with the state the investments being offered and to provide full disclosure regarding the investments being offered to the public.
Rodd has never been licensed to sell securities in Minnesota. The notes sold by Rodd were not registered for sale in the state. Further, Rodd failed to disclose critical information about the investments he was selling, which would have potentially deterred investors from investing in the products he offered.
If you have questions or want to report suspicious activity, the Commerce Department’s Consumer Help Line can be reached by phone at 651-296-2488 or 800-657-3602. Questions or consumer complaints can also be sent by email to email@example.com or by mail to the Minnesota Department of Commerce, 85 7th Place East, Suite 500, Saint Paul, MN 55101.