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SEC charges operators of $1.2B Ponzi Scheme

Jaclyn Jaeger | December 27, 2017

The Securities and Exchange Commission last week announced charges and an asset freeze against a group of unregistered funds and their owner who allegedly bilked thousands of retail investors in a $1.2 billion Ponzi scheme.

SEC investigators said they filed this action to prevent further dissipation of investor assets after obtaining court orders in September and November in subpoena enforcement actions that forced the unregistered companies to open their books.

According to the SEC’s complaint, unsealed Dec. 21 in federal court in Miami, Florida, Robert Shapiro and a group of unregistered investment companies called the Woodbridge Group of Companies formerly headquartered in Boca Raton, Florida, defrauded more than 8,400 investors in...

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