SEC Sues Real Estate Developer Over Alleged $1.2 Billion Ponzi Scheme
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SEC Sues Real Estate Developer Over Alleged $1.2 Billion Ponzi Scheme
The Securities and Exchange Commission (SEC) has charged Florida-based real estate developer Woodbridge Funds, owner Robert Shapiro, and affiliated entities with running a Ponzi scheme that solicited nearly $1.2 billion from approximately 8,400 investors.
The SEC filed its complaint Thursday in a federal court in Miami, naming the unregistered investment companies called the Woodbridge Group of Companies LLC.
Woodbridge offered a number of structured investment products to the public, which purportedly provided investors with higher returns and shorter terms, secured by commercial real estate. Earlier this month, Woodbridge stopped paying investors and filed for Chapter 11 bankruptcy amidst allegations of misconduct.
According to ... (read more)
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