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.
Shapiro and his confederates targeted retail customers for sale of notes.
Shapiro was ordered to cough up a $20 million in stolen profits and then pay a $100 million penalty with additional interest.
The SEC Release stated that funds would be returned to investors
In December 2017, the SEC filed an action alleging that Woodbridge were operating a Ponzi scheme. About 8,400 retail customers were defrauded. The scam was centered in the Villages in Florida and appealed to many senior investor.
When Woodbridge’s fake business model crashed, Woodbridge defaulted in payment of interest on their notes, then filed for Bankruptcy protection under Chapter 11.
In the settlement, Shapiro did not admit or deny the SEC claims but nonetheless consented to a bar from association with any investment advisor, broker dealer, municipal bond concern dealer, as well as a variety of other securities industry affiliations like rating agencies.
Anthony M. Abraham, Esq., PC is currently entertaining claims from investors who have been victimized for recovery of funds. If any Victim has questions, please call us Toll Free at 1-877-430-4877 for a Free Consultation or email us at Anthony@AbrahamAttorneys.com.
Anthony M. Abraham, Esq., PC, has represented many investors who have claimed against Bankrupt and other estates for return of assets taken through fraud. Anthony M. Abraham, Esq., PC is experienced in churning and unauthorized trading claims. If you were victimized in this Ponzi scheme and need help, please call us Toll Free at 1-877-430-4877 for a Free Consultation or email us at Anthony@AbrahamAttorneys.com.