Articles Tagged with woodbridge

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Charles Ponzi hard at work above.

Scammers nailed for $1 billion in fines in Ponzi Ripoff

A Federal Court in Florida on January 24, 2019 ordered The Woodbridge Group of Companies LLC and its disgraced CEO Robert H. Shapiro to pay $1 billion in disgorgement and penalties.

On December 19, 2018, the SEC announced additional charges against an additional 13 individuals and 10 companies for unlawfully selling securities of Woodbridge Group of Companies LLC to retail investors.

Woodbridge collapsed into bankruptcy in December 2017. The SEC previously  charged the owner, the company and others of operating a $1.2 billion Ponzi scheme. Top sales agents were also accused.

The supplemental defendants, all 13, of selling more than $350 million of unregistered securities to about 4,400 investors. The defendants told the purchasers that the Notes were “safe” Investments.