Woodbridge Group of Companies LLC and its former owner must pay over $1 billion for operating a Ponzi scheme targeting retail investors, according to the Securities and Exchange Commission.
The U.S. District Court for the Southern District of Florida approved judgments against Woodbridge and its 281 related companies ordering them to pay $892 million in disgorgement, the SEC said in a Jan. 28 statement. Former owner and chief executive officer Robert H. Shapiro must pay a $100 million civil penalty and disgorge $18.5 million, plus $2.1 million in prejudgment interest.
The defendants consented to the entry of judgment without ...
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.