On October 21, 2019, Ronald Roach (CRD#: 3216784) pled guilty to two felonies: conspiracy to commit wire fraud, as well as violations of Section 17(a) of the Securities Act, in conjunction with his involvement in a massive Ponzi scheme, according to his BrokerCheck record accessed on December 18, 2019 He entered his plea before the United States District Court for the Eastern District of California. The next day, on October 22, 2019, the Securities and Exchange Commission filed a complaint against Ronald Roach.
While DC Solar, the company helmed by Robert Roach and Joseph Bayliss, purported to lease mobile solar generators—and investors were advised to that effect—thousands of generators were never even manufactured, let alone leased. Ronald Roach falsely reported that the generator business was bringing in real revenue, but most of the revenue came from earlier investors. Ronald Roach and Joseph Bayliss used investor money for their personal enrichment—to buy luxury cars and real estate—and to make payments and distributions to earlier investors (one of the hallmarks of a Ponzi scheme). Ronald Roach is a certified public accountant (CPA) who provided tax and accounting services to the company. He issued reports, accompanied by unaudited financial statements, that falsely stated that the company was generating hundreds of millions of dollars. On October 23, 2019, the day after the SEC filed a complaint against Ronald Roach, he was terminated from his job at Securities America, Inc.
Most recently, on November 27, 2019, the Securities and Exchange Commission commenced public administrative proceedings against Ronald Roach. He was barred from registering as a broker, dealer, investment adviser, municipal securities dealer, or transfer agent. He was also barred from participating in any offering of a penny stock.
Over his 20-year career in the securities industry, Ronald Roach worked for four brokerage firms:
- Securities America, Inc. (CRD#: 10205) of Walnut Creek, California
- Brecek & Young Advisors, Inc. (CRD#: 40395) of Walnut Creek, California – SEC registration status terminated on December 7, 2009
- Carillon Investments, Inc. (CRD#L 14646) of Cincinnati, Ohio – SEC registration status terminated on September 8, 2006
- D. Vest Investment Securities, Inc. (CRD#: 13686) of Irving, Texas
If Ronald Roach was your broker and convinced you to invest in DC Solar, don’t hesitate to contact a securities attorney. Call (877) 238-4175 or email email@example.com for your free consultation with the securities attorneys of Fitapelli Kurta.