A court order against a local retirement planning company and its owner has been signed in Denver District Court concerning unlicensed sale of securities that were part of a nationwide $1.2 billion Ponzi scheme, according to state officials.

The Colorado Division of Securities announced Wednesday that an order of permanent injunction has been recorded against Colorado Retirement Specialists and its owner, Gerald Ortiz.

“As part of the order, Ortiz was required to pay restitution for the money he received as commission for the sale of Woodbridge securities,” according to a Colorado Department of Regulatory Agencies news release.

Woodbridge used unlicensed representatives to issue promissory notes to investors in exchange for funds that backed money loans, the DORA release said. “Investors were guaranteed fund payments even in the instance of a hard money loan default,” according to the DORA release.

In 2017, The Woodbridge Group of Companies was charged by the U.S. Securities and Exchange Commission with operating a Ponzi scheme. Woodbridge declared bankruptcy the following year.

“Ortiz and his company allegedly offered to sell and sold the First Position Commercial Mortgage Notes from Woodbridge to Colorado investors, but these securities were never registered” with the Colorado Division of Securities, the release said. Notes sold by CRS and Ortiz are among about $60 million taken from more than 450 Colorado investors.

“The Division of Securities continues to see fallout from the Woodbridge scheme, which caused Colorado investors alone to lose tens of millions of dollars,” Acting Securities Commissioner David Cheval said. “The fact that many of the salespeople offering Woodbridge products were unlicensed is a perfect example of why checking the credentials of any person peddling investments is extremely important.”

Ortiz declined to comment on Wednesday.

As part of the order the respondents have agreed to refrain from all unlicensed securities activity and will not engage in any other conduct in violation of the Colorado Securities Act, the release said. “Failure to comply could result in contempt-of-court charges.”