Securities fraud complaint alleges $7M scam

TALLAHASSEE — The Florida Office of Financial Regulation has filed an administrative complaint against seven firms and individuals, including Tampa financial consultant Wally Mackey and his company, Sycamore Group Inc., for allegedly selling unregistered securities of Woodbridge Capital Investments Inc. and other associated companies.

In a press release, the OFR says the 57 victims of the scam, many of whom are elderly, lost nearly $7 million, collectively.