Robert Shapiro, the former Chief Executive Officer of Woodbridge Group of Companies, agreed to pay $120 million to the Securities and Exchange Commission to settle allegations he defrauded investors in a $1.2 billion real estate Ponzi scheme that drove his company into bankruptcy, according to court papers. Shapiro didn’t admit or deny the allegations.
Shapiro promised returns of as high as 10 percent from investments in developers who flipped luxury real estate but instead their cash flowed into a web of related companies that Shapiro controlled, the SEC said. He then used money from new investors to repay earlier ones ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.