The Minnesota Department of Commerce ordered Jeffrey Rodd and Redwood Valley Interests, LLC in Redwood Falls to cease and desist the sale of securities in the State of Minnesota.
According to the order signed by Mike Rothman, commerce commissioner, the action was taken against Rodd and Redwood Valley Interests after the department received a complaint from a Redwood area resident who claimed he had not been repaid for an investment made with the Red-wood Falls company.
According to a press release from the commerce department, an investigation followed, and that led to the discovery of four individuals in southwestern Minnesota who had allegedly been solicited by Rodd.
Those individuals, according to the commerce department report, were senior citizens, one of whom had been suffering from dementia at the time of the investment, as well as two investors who claimed to have invested their entire retirement savings, including nearly all of the sale from a farm sale.
The investigation also alleges further conduct deemed wrongful that demonstrated a “pattern of activity designed to defraud investors.”
The investigation also determined Rodd has a history of non-compliance with the rules, which began in 2001 when he entered into a consent order with the commerce department.
Based on its investigation, the commerce department concluded Rodd committed numerous violations of Minnesota laws intended to protect investors.
Minnesota law requires those selling investments to be licensed by the state. The commerce department reports Rodd has never been licensed to sell securities in the State of Minnesota.
In addition to the cease and desist order, the commerce department has also ordered Rodd pay a civil penalty of $300,000.