The SEC has barred a former Securities America broker who pleaded guilty in October to playing a role in a billion-dollar Ponzi scheme, the regulator says.

Between 2011 and 2018, Ronald Roach, a certified public accountant and investment advisor, along with Joseph Bayliss, a licensed electrical and general building contractor, “were integral” in raising around $909 million from 17 investors, according to an Oct. 22 litigation release from the SEC.

The investors were allegedly promised profits from mobile service generators, but thousands of the generators were never even manufactured, and funds from new investors were used to pay earlier investors, the regulator says. Roach allegedly issued financial statements falsely reporting revenue from the investments, according to the litigation release. The pair allegedly made off with millions of dollars of investors’ money, the SEC says.

The U.S. Attorney’s Office for the Eastern District of California filed criminal charges against both defendants in a parallel action on the same day as the SEC filed its complaint, the regulator says. Roach pleaded guilty to conspiracy to commit wire fraud and violation of the Securities Act, and on October 23, Securities America discharged him over the guilty pleas, according to his BrokerCheck profile.

The SEC barred Roach last week, according to an administrative proceedings document published by the regulator.

Roach faces up to 10 years in prison, with sentencing scheduled for Jan. 28, according to the Department of Justice.

Roach became a registered representative in 1999 and came to Securities America in 2009, according to BrokerCheck. He has no other disclosures prior to the October securities fraud charges.