Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#1
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Ponzi scheme
The Feds say they just blew up a $1.2 billion Ponzi scheme aimed at thousands of elderly people in Florida.
>The US Securities and Exchange Commission has filed charges against Robert H. Shapiro, alleging that he bilked investors — many of them senior citizens — out of $1.2 billion as part of a Ponzi scheme. >All remaining assets have been frozen as the SEC pursues its case, which includes charges of fraud and violations of broker-dealer registration provisions. The US Securities and Exchange Commission has filed charges against a group of unregistered investment funds and their owner, alleging a $1.2 billion Ponzi scheme. Robert H. Shapiro is being accused of using a group of unregistered investment firms, collectively called the Woodbridge Group of Companies LLC, to defraud more than 8,400 investors — many of them senior citizens. Formerly headquartered in Boca Raton, Florida, the company allegedly promised to pay investors interest of 5% to 10% annually. Woodbridge claimed that its primary business was the issuance of loans to supposed third-party commercial property owners, which they said paid 11% to 15% annual interest. Yet the SEC's complaint alleges that the "vast majority" of borrowers were companies owned by Shapiro that had no income and never made such interest payments. |
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#2
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How sad. But at least they got him stopped. That sure is a lot of money, $1.2B!
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"No one is more hated than he who speaks the truth." Plato “To argue with a person who has renounced the use of reason is like administering medicine to the dead.” Thomas Paine |
#3
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OJ's old attorney? That Robert Shapiro?
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#4
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Closed Thread |
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