BUSINESS SEC charges Florida-based fund owner over $1.2 billion Ponzi scheme

BUSINESS

SEC charges Florida-based fund owner over $1.2 billion Ponzi scheme

Reuters

04:13, December 22, 2017


image.png

The seal of the US Securities and Exchange Commission hangs on the wall at SEC headquarters in Washington, DC, US on June 24, 2011. Photo:  Reuters

The US Securities and Exchange Commission has charged a Florida-based group of unregistered investment companies and its owner for allegedly operating a $1.2 billion (USD) Ponzi scheme that targeted seniors among other investors, the agency said on Thursday.

Woodbridge Group of Companies and its owner, Robert Shapiro, had allegedly “defrauded more than 8,400 investors in unregistered Woodbridge funds” and “swindled seniors into a business model built on lies” using “aggressive tactics,” Stephanie Avakian, co-director of SEC’s Enforcement Division, said in a statement.


Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue