Owner of Woodbridge Group and Two Ex-Directors Charged for $1.2 Billion Ponzi-Scheme
From the Desk of Jim Eccleston at Eccleston Law LLC:
Federal prosecutors have filed criminal charges in the Central District of California against former Woodbridge Group of Companies LLC owner, Robert H. Shapiro and two ex-directors, Dane R. Roseman and Ivan Acevedo for their roles in orchestrating a $1.3 billion Ponzi scheme involving a complex web of allegedly phony real estate investments and unregistered Florida-based funds.
On the same day of their arrests, the SEC filed a civil complaint against Roseman and Acevedo claiming that they knew or were severely reckless in not knowing that Woodbridge was operating a Ponzi-scheme. More specifically, according to the SEC, Roseman and Acevedo were in charge of supervising Woodbridge’s sales department and received $3.1 million in transaction-based compensation during the Ponzi-scheme. Moreover, the SEC alleges that Acevedo and Roseman should have known that Woodbridge lacked revenue and could not pay the interest on their loans but continued to market the securities and reassure investors that their money was secure.
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Related Attorneys: James J. Eccleston
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