by Structured Settlement Watchdog
On October 25, 2018, The United States District Court, Southern District in Miami, found Robert Shapiro, his wife and various named entities owned by Shapiro responsible for paying $892 million to the SEC. The fines will go to a “fair fund” that will be used to help compensate the victims of $1.2 billion Ponzi scheme.
Shapiro owned Woodbridge filed for bankruptcy December 4, 2017, just before the SEC suit was filed, alleging that ex-CEO Robert Shapiro defrauded investors in a $1.2B Ponzi scheme that drive Woodbridge into bankruptcy
The Delaware bankruptcy court found sufficient evidence to show that the debtors operated as a Ponzi scheme received approval Oct. 29 to go forward with the liquidation plan for its remaining assets. The bankruptcy court found sufficient evidence to show that the debtors operated as a Ponzi scheme and the proposed settlements are fair and in the best interests of the various creditor groups. The settlement is subject to District Court approval.
Woodbridge Group of Cos., 17-12560, U.S. Bankruptcy Court, District of Delaware.
Securities and Exchange Commission v. Shapiro, 17-24624, U.S. District Court, Southern District of Florida.
Woodbridge Structured Funding, one of the name defendants in the SEC case, was a structured settlement factoring company that acquired structured settlement payment rights (receivables) and sold them to investors
For background please read my prior posts
- Woodbridge Ponzi Scheme Developments. Woodbridge Ripped off 2,600 Retirees Says SEC May 21, 2018
- Woodbridge Ponzi Scheme | Top Producers Had Been Censured or Barred by SEC or FINRA or State Regulators December 30, 2017
- Woodbridge Structured Funding LLC Files Chapter 11 Bankruptcy | 3rd Structured Settlement Factoring Bankruptcy in 1 month December 5, 2017