{"id":6937,"date":"2019-04-17T07:38:44","date_gmt":"2019-04-17T12:38:44","guid":{"rendered":"https:\/\/www.investorlawyers.com\/?p=6937"},"modified":"2019-04-17T07:38:44","modified_gmt":"2019-04-17T12:38:44","slug":"former-woodbridge-ceo-criminal-charges","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/former-woodbridge-ceo-criminal-charges\/","title":{"rendered":"Former Woodbridge CEO Now Faces Criminal Charges"},"content":{"rendered":"

\t\t\t\tEx-Woodbridge Group of Companies<\/a> CEO and owner Robert Shapiro and former Woodbridge directors Ivan Acevedo and Dane R. Roseman are now facing criminal charges over their alleged involvement in operating a $1.2B Ponzi scam that went on from \u201912 to \u201917. All three men were arrested and appeared in federal court last week.<\/p>\n

Woodbridge and its 281 related companies are accused of defrauding over 8,400 retail investors, including many senior investors who lost retirement money as a result. According to the US Securities and Exchange Commission\u2019s (SEC)<\/a> 2017 complaint against Shapiro, Woodbridge, and the related companies, investors were promised yearly returns of up to 5 to 8%. Payments were supposedly from the interest paid to an affiliate on loans issued to third party borrowers. However, contends the SEC, there were not enough third-party borrowers to pay the thousands of investors involved, resulting in just under $14M in interest income. Newer investors\u2019 funds were allegedly used to pay earlier investors.<\/p>\n

Woodbridge and the companies settled the regulator\u2019s case last year by agreeing to pay over $1B, including disgorging $892M in ill-gotten gains. Shapiro’s settlement involved a $100M penalty and disgorgement of $18.5M plus $2.1M in prejudgment interest. Now, with the criminal case, Shapiro is charged with tax evasion and conspiracy to commit money laundering.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Ex-Woodbridge Group of Companies CEO and owner Robert Shapiro and former Woodbridge directors Ivan Acevedo and Dane R. Roseman are now facing criminal charges over their alleged involvement in operating a $1.2B Ponzi scam that went on from \u201912 to \u201917. All three men were arrested and appeared in federal court last week. Woodbridge and […]<\/p>\n","protected":false},"author":2,"featured_media":6648,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3738,3792,3760],"tags":[3372,3373,3269,2928],"class_list":["post-6937","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investor-fraud","category-ponzi-scams","category-sec-enforcement","tag-dane-r-roseman","tag-ivan-acevedo","tag-robert-shapiro","tag-woodbridge-group-of-companies"],"yoast_head":"\nFormer Woodbridge CEO Faces Criminal Changes — Investor Lawyers Blog<\/title>\n<meta name=\"description\" content=\"Ex-Woodbridge CEO, Robert Shapiro, and former directors Ivan Acevedo and Dane R. 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