Three executives for the Woodbridge Group of Companies, Robert H. Shapiro, Dayne Roseman, and Ivan Acevedo, have been arrested and charged with conspiring to commit wire and mail fraud as well as money laundering in connection with their roles in the Woodbridge Group’s $1.3 billion Ponzi scheme which primarily targeted elderly investors.
The Woodbridge Group of Companies has appeared frequently in this blog space related to the ongoing investigations and penalties involving its vast Ponzi scheme operation. Earlier this year, a federal court judge in Florida ordered the Woodbridge Group and its former CEO, Shapiro, to pay a combined penalty of over $1 billion dollars as a result of the scheme.
Woodbridge Group must pay $892 million and Shapiro must pay a $100 million civil penalty and disgorge more than $20 million in ill-gotten gains and interest. The Securities and Exchange Commission had brought charges against the company in December 2017, alleging that the company had spearheaded a $1.2 billion Ponzi scheme which defrauded over 8,400 investors nationwide, many of whom were seniors
In typical Ponzi scheme fashion, investors were promised attractive guaranteed annual returns but the money instead went to fund Woodbridge Group’s related companies, pay off other investors, and fund a lavish lifestyle for Shapiro.