Woodbridge companies ordered to pay $1 billion for operating massive real estate Ponzi scheme
Woodbridge | January 28, 2019
Well-known luxury real estate developer Robert Shapiro and the group of companies he founded must pay back $1 billion for allegedly swindling thousands of investors out of hundreds of millions of dollars via a massive real estate Ponzi scheme. Just over a year ago, the Securities and Exchange Commission sued Shapiro, the founder of the Woodbridge group of companies, for allegedly running a Ponzi scheme that defrauded more than 8,400 investors by promising high returns on real estate investments.