Maximum Prison Sentence Given to Perpetrator of $1.3B Ponzi Scheme

Posted on October 17th, 2019 at 5:23 PM
Maximum Prison Sentence Given to Perpetrator of $1.3B Ponzi Scheme

From the Desk of Jim Eccleston at Eccleston Law LLC:

Robert H. Shapiro, former CEO of Woodbridge Group, will serve 25 years in prison for perpetrating a $1.3 billion Ponzi scheme, causing the loss of roughly $470 million for over 8,000 investors.

Shapiro will serve the maximum penalty for the Ponzi scheme, which included a complex web of phony real estate investments and unregistered Florida-based funds. A large portion of the victims were elderly and retired military personnel who invested life savings and retirement funds.

Woodbridge Group, now bankrupt, was cleared last year to liquidate its $629 million estate and begin repaying victims of the scheme. Shapiro, separately, has surrendered several personal assets and was ordered to pay a $100 million civil penalty along with disgorging $18.5 million. Shapiro’s co-defendants and former Woodbridge Directors of Investment, Dane R. Roseman and Ivan Acevedo, are due to go on trial next year.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: james eccleston, eccleston law, eccleston law llc, eccleston, ponzi scheme, woodbridge group, robert shapiro

Return to Archive

TESTIMONIALS

Previous
Next

 


It was really fun seeing you fight for us. You have an amazing way of thinking out of the box.


 

Beth M.

LATEST NEWS AND ARTICLES

March 17, 2025
FINRA Disciplinary Actions Rise for the First Time Since 2016

The Financial Industry Regulatory Authority (FINRA) increased its enforcement actions in 2024, marking the first rise in disciplinary cases since 2016, as reported by AdvisorHub.

March 14, 2025
Apex Clearing to Pay $3.2 Million in FINRA Settlement Over Securities Lending Violations

Apex Clearing, the clearing arm of Apex Fintech Solutions, has agreed to pay $3.2 million to settle FINRA allegations that it failed to ensure customers received compensation for lending their securities.

March 13, 2025
Congress Considers Expanding the Accredited Investor Definition

A recent congressional hearing examined potential reforms to the accredited investor definition, a critical threshold determining who can participate in private market investments.