Criminal Law

Woodbridge Group execs charged with fraud in Ponzi scheme

The former head of Woodbridge Group of Companies and two former directors were arrested Thursday and face federal criminal charges for their roles in a massive Ponzi scheme that the SEC claims defrauded up to 8,400 investors, many of them senior citizens. The defendants include Woodbridge owner Robert H. Shapiro, 61, and directors Ivan Acevedo, 42, and Dane R. Roseman, 35. They were charged with conspiracy to commit mail and wire fraud and other violations in an indictment unsealed in the Southern District of Florida, according to published reports. In January, a federal court in Florida ordered Woodbridge, related companies and Mr. Shapiro together to pay $1 billion in disgorgement and fines for operating this Ponzi scheme.

Read the source article at reuters.com

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