WOODBRIDGE GROUP ORDERED TO PAY $1 BILLION FINE FOR PONZI SCHEME

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WOODBRIDGE GROUP ORDERED TO PAY $1 BILLION FINE FOR PONZI SCHEME

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. Its legal woes have continued, with a federal court judge in Florida ordering the Woodbridge Group and its former CEO Robert H. 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.

If you or someone you know lost money as a result of an investment in the Woodbridge Group of Companies, please call the Frankowski Firm at 888.741.7503 or fill out this contact form.

By |February 1st, 2019|Legal Matters|

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