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SEC Charges Operators of $1.2 Billion Ponzi Scheme Targeting Main Street Investors

U.S. Securities and Exchange Commission press release --------- The Securities and Exchange Commission today announced charges and an asset freeze against a group of unregistered funds and their owner who allegedly bilked thousands of retail investors, many of them seniors, in a $1.2 billion Ponzi scheme. SEC investigators 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 today in federal court in Miami, Florida, Robert H. Shapiro and a group of unregistered investment companies called the Woodbridge Group of Companies LLC formerly headquartered in Boca Raton, Florida, defrauded more than 8,400 investors in unregistered Woodbridge funds. To learn more click on the picture below to read the release.

SEC Charges Operators of $1.2 Billion Ponzi Scheme Targeting Main Street Investors - Read More from SEC

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