The SEC also charged 18 sales agents. . Ushering in the New Year in Style Thanks to the kind generosity of Bob and Jeri Shapiro, New Year's Eve 2015 at Aspen Glen will remain a night to remember! Roseman received approximately $2.5 million in Woodbridge money and Acevedo received approximately $1.1 million. Investigators found that Capuano failed to seek or obtain approval from Royal Alliance before participating in the Woodbridge transactions, and that he failed to disclose the sales to the firm. (Koonin, Russell) (Entered: 01/04/2018) . The returns over summer for all the world's major stock markets revealed, Would you back risky AIM shares to beat inheritance tax? The Honorable Judge Marcia G. Cooke of the U.S. District Court for the Southern District of Florida approved judgments against . A federal court has ordered the Woodbridge Group of Companies and its former CEO and owner Robert H. Shapiro to pay $1B in disgorgement and penalties for allegedly running a $1.2B Ponzi scam that victimized 8,400 retail investors, including many senior investors who ended up losing their retirement money. Woodbridge Securities (a/k/a Woodbridge Group of Companies) was a $1.2 billion Ponzi scheme run by CEO Robert H. Shapiro. %%EOF Jeri Shapiro works at American Greetings, which is a Commercial Printing company with an estimated 1633 employees. Click here to login, 2023, Portfolio Media, Inc. | About | Contact Us | Legal Jobs | Advertise with Law360 | Careers at Law360 | Terms | Privacy Policy | Cookie Settings | Help | Site Map, Enter your details below and select your area(s) of interest to stay ahead of the curve and receive Law360's daily newsletters, Email (NOTE: Free email domains not supported). Robert Shapiro of the bankrupt Woodbridge Group used to live at Aspen Glen, where his company also had numerous real estate holdings. Shepherd Smith Edwards and Kantas, LLP (SSEK Law Firm) works with investors that have lost money because they fell victim to a Ponzi scam. Hearing scheduled for 5/27/2020 at 10:30 AM at US Bankruptcy Court, 824 Market St., 6th Fl., Courtroom #1, Wilmington, Delaware. Affidavit/Declaration of Service re Notice of Agenda and Amended Agenda of Matters Scheduled for Telephonic Hearing on May 27, 2020 at 10:30 A.M. (Prevailing Eastern Time) (related document(s)[, Notice of Agenda of Matters Scheduled for Telephonic Hearing. Farm Heroes Saga, the #4 Game on iTunes. Roseman started working for Woodbridge as a sales agent in or around August 2012. 'I will pursue any valid claims I have and will comply with all proper rulings of the bankruptcy court. It is alleged up to 8,400 retail investors were defrauded by Boca Raton-based Woodbridge, which filed for bankruptcy in 2017. Along with wife Jeri, Shapiro appeared to mix in celebrity circles. 19-01100 (mew) decision concerning debtor's place of residence . Please see our Privacy Policy. Woodbridge Liquidation Trust v. Shapiro et al Case No. Between 2015 and 2017 he served as the sales manager of Woodbridge. Acevedo started working for Woodbridge as a sales agent in or around 2009, and in 2013 to December 2014 he served as the sales manager of Woodbridge. Of this $1B, Woodbridge and its 281 related companies must pay $892M in disgorgement. The Securities and Exchange Commission today announced that a federal court in Florida ordered Woodbridge Group of Companies LLC and its former owner to pay $1 billion in penalties and disgorgement for operating a Ponzi scheme that targeted retail investors.. They used to work at Woodbridge Pre-Settlement Funding. Court Docket Submitting a contact form, sending a text message, making a phone call, or leaving a voicemail does not create an attorney-client relationship. Woodbridge Commerical Bridge Loan Fund 2, LLC. Even as it filed for bankruptcy, Woodbridge retained Shapiro as a "consultant," for which the company paid a rate of $175,000 per month to another entity called "WMF Management," formed in September 2017, that Shapiro owns and manages. The settlement comes exactly two years after the SEC first launched their investigation into the Sherman Oaks-based company and a web of more than 250 Shapiro-controlled shell companies for allegedly orchestrating a fraud. For instance, after failing to make its regularly scheduled one-year Notes payment on December 1, 2017 and filing for bankruptcy protection shortly thereafter, the Woodbridge Group of Companies sent a letter to investors claiming that its bankruptcy is a strategic effort to "establish a stronger financial platform." Jeri Shapiro. (Attachments: #1 Exhibit A, Doc. Shapiro, the former CEO of Woodbridge Group of Companies, and his wife, Jeri, as well as other entities named as defendants in the SEC lawsuit, will pay a combined $892 million to the commission . Robert Shapiro (1) Guilty Counts 1,10 [ECF No. SHAPIRO, JERI SHERMAN OAKS, CA 91423: Woodbridge Group Of Companies/Vice President: $1,000: 10/07/2016: G: SCOTT TAYLOR FOR CONGRESS - Republican: SHAPIRO, JERI . Wife Jeri, left, pictured here with TV judgeJeanine Pirro in 2016, Shapiro is said to have enjoyed a luxury lifestyle of chartered planes, country-club fees, Porsche cars and jewelry and even played gold with actor Scott Baio. Call or email SSSEK Law Firm today if you were an investor that lost money in the Woodbridge Ponzi scam. According to the indictment, superseding information, and court documents, Shapiro spearheaded and concealed an enormous Ponzi scheme through his business, Woodbridge. Woodbridge Financial: Representation of Jeri Shapiro, . All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. Watch: Developer Patrick Carroll "spits" on restaurant manager, Mitsubishi UFJ to sell SF office building at expected 80% discount, Connecticut private island sells for $3.5M. He did not admit nor deny the allegations. Filed by Epiq Class Action & Claims Solutions, Inc.. (related document(s)[28]) (Gallerie, Bridget), BNC Certificate of Mailing. pro. The scheme generates returns for older investors by acquiring new investors. Docket (#174) Plaintiff's MOTION for Creation of Fair Fund and for Transfer of Payments to the Woodbridge Bankruptcy Estate's Liquidation Trust by Securities and Exchange Commission. Wed love to meet you and give you a tour of Aspen Glen, itsworld-class Clubhouse andthe many gorgeousavailable lots for purchase here and by no means least, youll be able to take a sneak peek at some of ourbeautiful Aspen Glen custom spec homes that aredue for completion laterthis summer. Summons and Notice of Pretrial Conference Served on Defendants 3X A Charm, LLC, Carbondale Basalt Owners, LLC, Davanna Sherman Oaks Owners, LLC, In Trend Staging, LLC, Midland Loop Enterprises, LLC, Schwartz Media Buying Company, LLC, Jeri Shapiro, Robert Shapiro, Stover Real Estate Partners, LLC. Receipt Number 9551150, amount $ 350.00. This resolution accomplishes one of the SEC's core missions to protect retail investors,' said Stephanie Avakian, Co-Director of the SEC's Division of Enforcement. Owners face tougher rules amid fears that boom is harming local areas, Broadcaster Sky reportedly lining up hundreds of job cuts as it grapples with shift to streaming, JP Morgan to snap up most of First Republic Bank after the lender was seized by US regulators, HSBC set for showdown with Chinese investors: Bosses in key AGM confrontation over future of bank as largest shareholder demands break-up, Chip designer Arm registers for US stock market listing - set to be this year's biggest, The idea that Britain has become a benighted backwater is a falsehood that can only serve predatory overseas raiders, says RUTH SUNDERLAND, John Lewis halving size of its HQ after thousands of employees switch to working from home. On July 12, 2021, Los Angeles County, California natives, Dane Roseman, 38, and Ivan Acevedo, 44, pled guilty to participating in a massive investment fraud scheme, in which more than 7,000 victims suffered financial losses, in violation of 18 U.S.C. In January 2019, The SEC announced that a federal court in Florida ordered Woodbridge Group of Companies LLC and Shapiro to pay $1 billion in penalties and disgorgement for operating a Ponzi scheme that targeted retail investors. %PDF-1.5 Woodbridge Realty of Colorado Hosts the 2015 New Years Eve Party at Aspen Glen. Shapiro at times would utilize another LLCShapiro Property LLCto mask his misconduct, and issue notes from Shapiro Property LLC, with an interest rate of zero, to Woodbridge. (Admin. % . Filed by Epiq Corporate Restructuring, LLC. The firm's Woodbridge Realty Unlimited entity conducted business in Aspen and Roaring Fork Valley, Colorado, while Woodbridge Luxury Homes of Southern California concerned itself with real estate and mega-mansion development in the Greater Los Angeles communities of Sherman Oaks, Hidden Hills, Beverly Hills, and Bel Air. The Ponzi fraud fell apart after payments to investors stopped and Woodbridge filed for bankruptcy. Jeri Shapiro, Woodbridge Realty of Colorado, Woodbridge Luxury Homes of California (dba Mercer Vine, Inc), Riverdale Funding, Schwartz Media Buying Company, and WFS Holding Co are listed as relief defendants. Objections due by 2/3/2022. Complaint For Avoidance and Recovery of Avoidable Transfers, Fraud, Aiding and Abetting Fraud, Unjust Enrichment, Breach of Fiduciary Duty, and the Sale of Unregistered Securities by Woodbridge Liquidation Trust against Robert Shapiro, Jeri Shapiro, 3X A Charm, LLC, Carbondale Basalt Owners, LLC, Davanna Sherman Oaks Owners, LLC, In Trend Staging, LLC, Midland Loop Enterprises, LLC, Schwartz Media Buying Company, LLC, Stover Real Estate Partners, LLC. Please do not include any confidential or sensitive information in a contact form, text message, or voicemail. Responses due by 2/3/2022. Woodbridge Liquidation Trust v. Shapiro et al Notice of Agenda of Matters not going forward. Try our Advanced Search for more refined results. The owner of a company accused of defrauding over 50 Treasure Coast residents in a nationwide Ponzi scheme was sentenced to 25 years in prison Tuesday. Jeri Shapiro. (related document(s)[, Status Report Liquidation Trust's Status Report for May 19, 2021 Status Conference Filed by Michael Goldberg. Shapiro must disgorge $18.5M in ill-gotten gains, as well as pay $2.1 in prejudgment interest and a $100M civil penalty. District of Delaware The defendant allegedly promised investors 5-10% in interest yearly. Amended HEARING CANCELLED. Prior to SEC involvement, states had already begun to uncover the true fraudulent nature of Robert H Shapiro's Woodbridge Group of Companies. Our Woodbridge fraud attorneys can help you explore your legal options. The two executives, Dane Roseman and Ivan Acevedo, were both sales managers for Woodbridge at different times between 2013 and 2017. Thus, neither Roseman nor Acevedo had direct knowledge that Shapiro was operating a Ponzi scheme by using new Woodbridge investor money to pay prior investors. MNR secured a binding non-prosecution agreement for Ms. Shapiro. DOCS_LA:323463.1 94811/003 2 require Jeri Shapiro to forfeit all of her assets and bank accounts that the government has %PDF-1.7 % A lock ( In total, Shapiro and his co-conspirators convinced more than approximately 9,000 investors to invest more than $1.29 billion to Woodbridge. How an investing trick can protect your family's nest egg but you must be careful how you do it, Will the crackdown on holiday lettings wreck your returns? ASPEN Meat & Cheese Restaurant & Farm Shop, GLENWOOD SPRINGS Juicy Lucy's Steakhouse, Elevating Real Estate at Desert Mountain, Scottsdale, AZ. Unbeknownst to investors, Shapiro created and controlled a network of more than 270 limited liability companies, which he used to acquire and sell the properties pitched to investors. Woodbridge Luxury Homes of California, Inc. served on 12/28/2017, answer due 1/18/2018. Jeri Shapiro waiver sent on 12/22/2017, answer due 2/20/2018. We serve the following localities: Atlanta, Baltimore, Boston. (Robinson, Colin), Affidavit/Declaration of Service re: Order. The SEC sued Shapiro in December 2017, accusing him of misleading investors. The Main Las Olas The SEC announced an investigation of Woodbridge in early December, alleging that Woodbridge sold unregistered securities. hbbd```b`` "H9 *LV$^>0LnAQ 2 Hml %30V?0 Q] Please see our Privacy Policy. By using later investor funds to pay earlier investors' interests, Shapiro thus purportedly portrayed the scheme as legitimate when, in fact, it was fraudulent and on the verge of financial disaster. All the defendants and relief defendants named in the SECs case have settled but without denying or admitting to the regulators allegations. Woodbridge Liquidation Trust - 2022 Grantor Letter : 06/16/2022 : PRESS RELEASE - Woodbridge Liquidation Trust Announces Cash Distribution . Cocktails, fine wine and Dom Perignon flowed,ushering in 2016 with a grand flourish and the buffetwas afeast for the eyes, withamouthwateringdisplayof prime rib, spring lamb,oysters, crab, shrimp and every type of charcuterieandhors doeurvesimaginable. CtMercer Vine''), Riverdale Funding, Have a question about Government Services? x|i@W=y$ ! According to the SEC's complaint, Shapiro fraudulently used money from newer investors to pay returns owed to existing investors all while the Shapiro family lived in luxury, spending investor money on luxury automobiles, jewelry, country club membership, and chartering private planes. The real estate developer was accused of running a $1.2B massive fraud operation. Law360 takes your privacy seriously. Woodbridge Realty of Colorado Throws THE Party of The Year! Shapiro would promise investors high returns on their investments, specifically luxury spec homes, only to then channel their money into several different entities he controlled. Your email address will not be published. Robert Shapiro - Jeri L. Shapiro's Consent to Forfeiture ECF No. The scheme also involved misrepresentations to financial planners who helped Woodbridge to sell investments to potential investors. Last but not least, if youdrop by ourAspen Glen officeanyFriday, we serve gourmet muffins and fresh coffee all daymeanwhile,all of us at Woodbridge Realty of Colorado wish youa successful and prosperous 2016! Click to access Woodbridge-10Q-March312022.pdf.pdf. #37.1 - Filed 09/12/2016: Appendix Joint Exhibit and Witness List Shapiro is said to have enjoyed a luxury lifestyle of chartered planes, country-club fees, Porsche cars and pricey jewelry. The regulator accused Woodbridge of using investors funds to pay other investors, as well as $64.5M in sales commissions to agents that had touted the Woodbridge investments as conservative and low risk. Shapiro is accused of using at least $21M of investor funds to support his lavish lifestyle. 371. While SEC investigators were busy unraveling the Woodbridge Ponzi and cover-up scheme, which primarily concerned 12-to-18-month promissory notes and seven private placement fund offerings with five-year terms, Woodbridge's public statements blamed regulators for being too strict, claiming that industry rules were to blame for the company's money troubles. An example of one of these salespersons is former Royal Alliance Associates broker Frank John Capuano (CRD #844182), whom FINRA sanctioned for offering and selling $1.1 million in allegedly unregistered Woodbridge notes to nine Royal Alliance customers, receiving over $34,000 in commissions for these transactions. MIDAS SHARE TIPS: We still needoil - so tap in to the search for profitsby the barrel withJersey Oil & Gas, MIDAS SHARE TIPS: Focus on cleaner fossil fuel in Africa with Afentra - the firm backing an 'African energy transition', INVESCO MONTHLY INCOME PLUS: 'Income engine' powers 2bn bond fund to 6% a year, Will millennials change the investment landscape? 17-12560-KJC, #2 . ), Create custom alerts for specific article and case topics and, I took a free trial but didn't get a verification email. Filed by Epiq Class Action & Claims Solutions, Inc.. (related document(s)[39]) (Gallerie, Bridget), Affidavit/Declaration of Service re: Amended Notice of Agenda of Matters Scheduled for Hearing on February 8, 2022 at 10:30 a.m. (Prevailing Eastern Time) Before the Honorable J. Kate Stickles. To make up for the cash deficiency, Shapiro resorted to making Ponzi payments, i.e., hundreds of millions of dollars invested by new investors were used to pay returns to older, existing Woodbridge investors. Over the years, SSEK Law Firm helped thousands of clients in getting back their financial losses caused by broker fraud, investment adviser fraud, and other kinds of securities fraud. Click here for a video tour ofsome of ourcontemporary spec homes, currently under construction in Snowmass. Fax Line: (305) 530-7679. Pachulski Stang Ziehl & Jones LLP, Counsel to Woodbridge Liquidation Trust Direct or indirect sales of unregistered securities is a violation of industry regulations, meaning a registered broker, financial adviser, or firm who has sold such securities may be liable for damages that result from associated transactions. A locked padlock NEWS. 0 We also resolved all related SEC charges against Ms. Shapiro with no finding or . The SEC said that the reality was that most of these supposed third-party borrowers were, in fact, companies that Shapiro owned. Chicago, DallasFort Worth, Denver, Detroit, Houston, Los Angeles, Miami, New York City, Philadelphia, Phoenix, San Bernardino-Riverside, San Diego, San Francisco, Seattle, St. Louis, TampaSt. 'The settlement provides for the return of significant funds to investors.'. The SEC complaint alleges that Shapiro and Woodbridge used investors' money to pay other investors, and paid $64.5 million in commissions to sales agents who pitched the investments as "low risk" and "conservative." . Prevailing Eastern TimeGeneral Bar Date, Affidavit/Declaration of Service re: Stipulation of Dismissal of Adversary Proceeding without Prejudice Solely as to Defendant Jeri Shapiro. (Attachments: # (1) Exhibit A # (2) Exhibit B # (3) Exhibit C) (Robinson, Colin). . Hearing scheduled for 2/8/2022 at 10:30 AM at US Bankruptcy Court, 824 Market St., 3rd Fl., Courtroom #7, Wilmington, Delaware. The property, first listed for $180 million, dropped to $115 million in September. : 139], United States v. Robert Shapiro - PAPERLESS Minute Entry for proceedings held before Judge Cecilia M. Altonaga: Change of Plea Hearing as to Robert Shapiro held on 8/7/2019. Robert Shapiro, left with his wife Jeri, owned The Woodbridge Group of Companies. ABC news anchor Mr. Stephanopoulos told The Wall Street Journal: 'Like many others, I was a victim of Woodbridge and now must deal with the consequences of its bankruptcy. Robert Shapiro, left with his wife Jeri, owned The Woodbridge Group of Companies. Here are some of the companies, aside from Woodbridge Group of Companies, that are defendants in the SECs Ponzi fraud case: Shapiro is now permanently barred from associating with brokers, investment advisers, municipal advisers, and others in the securities industry. Robert H. Shapiro, 62, defrauded . In some instances, Shapiro made these fraudulent interest payments even when the advertised investment properties were never acquired. Filed by Epiq Class Action & Claims Solutions, Inc.. (related document(s)[22]) (Gallerie, Bridget), Notice of Agenda of Matters Scheduled for Hearing Filed by Michael Goldberg. 4th Street The judgment was against Woodbridge and its 281 related companies, ordering them to pay $892 million in disgorgement The agreement will also . A federal judge has now ordered them cough up $1 billion in payments and fines after the SEC in 2017 filed an emergency court action. Jeri Shapiro, Shapiro's wife, was named as a relief defendant in the suit for her role serving as a vice president at Woodbridge since about 2012, and also for being in possession of real property . Secure .gov websites use HTTPS As a result, people are putting their namesforward tomake sure theyreon the invitation list for December 31st 2016 and if youd like to be included, just drop by the Woodbridge Realty of Colorado offices at Aspen Glen and introduce yourself. Even in the wake of these cease and desist orders, Woodbridge nonetheless continued to sell investment products to residents of the aforementioned states, soliciting approximately $9 million after being instructed to cease and desist, falsely mischaracterizing that the company had been "exonerated of any wrongdoing or fraudulent activity" when no such determination was made. (Koonin, Russell) December 29, 2017: Filing 47 SUMMONS (Affidavit) Returned Executed on #1 Complaint, with a 21 day response/answer filing deadline by Securities and Exchange Commission. However, Shapiros real estate portfolio failed to generate sufficient cash flow to satisfy the loan obligations and interest payments owed to investors. The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. Shapiro, Roseman, and Acevedo falsely claimed that Woodbridge was profitable and advertised high rates of return to investors. Jeri Shapiro waiver sent on 12/22/2017, answer due 2/20/2018. Jeri Shapiro, Woodbridge Realty of Colorado, Woodbridge Luxury Homes of California (dba Mercer Vine, Inc), Riverdale Funding, Schwartz Media Buying Company, and WFS Holding Co are listed as relief defendants. He would then use new investments to pay off older ones. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Enter your email address to follow this blog and receive notifications of new posts by email. U.S. Attorney's Office, Southern District of Florida, Two Remaining Defendants of $1.3 Billion Investment Fraud (Ponzi) Scheme One of the Largest Ever Charged in South Florida Plead Guilty to Mail and Wire Fraud Conspiracy, Foreign National Sentenced for Using Stolen Identity During COVID-19 Relief Prosecution, Two South Florida Residents Indicted for Stealing Millions in COVID-19 Relief Funds, Palm Beach Resident Headed to Federal Prison for Defrauding Cystic Fibrosis Nonprofit. Woodbridge, at Shapiro's direction, additionally hired a public relations firm to manipulate search engine results so as to hide the state regulatory orders from customers who searched the Internet for Woodbridge. Jeri, who was also investigated as part of the allegations, is said to have received $3.8 million from Robert in the year before the company's bankruptcy filing, The Wall Street Journal reports. Woodbridge employed approximately 130 people and had offices located throughout the United States, including in Boca Raton, Florida; Sherman Oaks, California; Colorado; Tennessee; and Connecticut. Representation of Jeri Shapiro, the wife of Woodbridge Financial Group's principal and CEO, Robert Shapiro, who was accused of running a $1.3 billion dollar investor Ponzi scheme. 19-51076-BLS. (related document(s)[15]) Notice Date 06/26/2020. . The SEC formally charged Woodbridge Group of Companies and owner Robert H Shapiro of Sherman Oaks, California and Aspen, Colorado with securities fraud, ordering their assets frozen and alleging the group defrauded more than 8,400 investors, many of whom were seniors who financed their investments by using retirement savings, in a "massive" $1.2 billion Ponzi scheme that utilized unregistered Woodbridge Funds. Share sensitive information only on official, secure websites. Miami, Fl. The U.S. Securities and Exchange Commission (SEC) filed parallel civil enforcement actions against Woodbridge, Shapiro, his wife, and Acevedo and Roseman related to the fraud. Hearing scheduled for 2/8/2022 at 10:30 AM at US Bankruptcy Court, 824 Market St., 3rd Fl., Courtroom #7, Wilmington, Delaware. Here's the link to this latest SEC filing. Throughout the conspiracy, Woodbridges main business model was to solicit money from investors and, in exchange, issue investors promissory notes reflecting purported loans to Woodbridge that paid high monthly interest rates. 'Mr. The docket is currently displayed in reverse chronological order. Michigan regulators in 2017 issued Woodbridge Investment Fund 4 a cease and desist notice, similar to previous actions taken by regulators in Massachusetts, Texas, and Arizona. The fraud scammed approximately 8,400 victims of retail investors, many of them elderly. woodbridge mortgage commercial bridge loan fund 2, llc, 144 woodbridge-affiliated property limited liability companies, 131 woodbridge-affiliated holding limited liability companies, defendants, and jeri shapiro, woodbridge realty of colorado, llc, d/b/a woodbridge realty unlimited, woodbridge luxury homes of california, inc., Juan Antonio Gonzalez, Acting U.S. Attorney for the Southern District of Florida, George L. Piro, Special Agent in Charge, Federal Bureau of Investigation (FBI), Miami Field Office, Tyler R. Hatcher, Acting Special Agent in Charge, Internal Revenue Service, Criminal Investigation (IRS-CI), and the Florida Office of Financial Regulation (OFR), made the announcement. Woodbridge Liquidation Trust Attn: Michael Goldberg, Liquidation Trustee c/o Akerman, LLP 350 East Las Olas Boulevard, Suite 1600 . 173 0 obj <>stream On August 7, 2019 Robert H. Shapiro, the former CEO of the Woodbridge Group of Companies, pled guilty and admitted in Miami federal . Shapiro was the nominee owner of several closely-held companies that received tens of millions of dollars at the direction of her husband, who ultimately pled guilty and was sentenced to 25 years in prison. Law360 may contact you in your professional capacity with information about our other products, services and events that we believe may be of interest.Youll be able to update your communication preferences via the unsubscribe link provided within our communications.We take your privacy seriously. Already a subscriber? The Commission also cited Shapiro for intentionally arranging for the manipulation of search engine results to hide certain state regulatory orders filed against Woodbridge, and for continuing to sell millions of dollars worth of Woodbridge products to residents of states that had already issued cease-and-desist orders. Hearing scheduled for 5/19/2021 at 09:00 AM at US Bankruptcy Court, 824 Market St., 3rd Fl., Courtroom #7, Wilmington, Delaware. The court ordered Shapiro, accused of using a web of shell companies to conceal the scheme, to pay a $100 million civil penalty and to disgorge $18.5 million in ill-gotten gains plus $2.1 million in prejudgment interest. Published By Shepherd Smith Edwards & Kantas, LLP, NorthStar Financial Services (Bermuda) - Learn More Here, US Securities and Exchange Commission (SEC), Shepherd Smith Edwards and Kantas, LLP (SSEK Law Firm), Woodbridge Structured Funding WMF Management, Woodbridge Mortgage Investment Funds 1, 2, 3, 3A, and 4, Woodbridge Commercial Bridge Loan Funds 1 and 2. >Lbbn?\#3vpksKO"wP1ip//<3s|O~a. Jeri is currently based in Cleve land, Ohio. (Attachments: # (1) Exhibit A # (2) Affidavit of Counsel in Support # (3) Exhibit 1 to Affidavit of Counsel # (4) Certificate of Service) (Robinson, Colin). But interest rate threat still looms, warns boss Jamie Dimon, Bell tolls for U.S. banking: With each failure and rescue, the prospects of maintaining confidence look ever more remote, saysALEX BRUMMER, Over 65s hold 2.6TRILLION worth of housing wealth - largely without mortgages - as youngsters battle to get on the ladder, Why 2023 is the worst year to start retirement: Inflation and stock market wobbles hit the pension power of hundreds of thousands of older workers, Should you sell in May? His wife, Jeri Shapiro, is a relief defendant in the case. Co-defendant Robert Shapiro, the former owner, president, and CEO of Woodbridge Group of Companies LLC ("Woodbridge") was previously . Since the lawsuit hit, a number of Woodbridge-owned properties have come on the market for sale. The scheme ran from at least July 2012 to December 2017, when Woodbridge filed for Chapter 11 bankruptcy and defaulted on its obligations to investors. The Woodbridge Group of Companies and its former owner Robert Shapiro were ordered to pay the money to investors as well as civil fines and interest, The Securities and Exchange Commission (SEC) said. Jeri Shapiro agreed to forfeit more than $9 million in accounts and property that she acknowledged the government could prove had been transferred from the debtors' accounts or had been purchased . Part of the Daily Mail, The Mail on Sunday & Metro Media Group, I am 70 and live off a successfully invested 220,000 pension fund, but at my age should I buy an annuity? Shapiro, 61, of Sherman Oaks, California, entered his plea Wednesday in . He resigned from his role as CEO that December, and the company filed for Chapter 11 bankruptcy. Official websites use .gov At least 2,600 of these investor victims invested their retirement savings, totaling approximately $400 million. Relief defendants Jeri Shapiro (Shapiro's wife), Woodbridge Realty of Colorado, LLC d/b/a Woodbridge Realty Unlimited CtWoodbridge Realty''), Woodbridge Luxury Homes of California, Inc. d/b/a Mercer Vine, lnc. In its motion seeking discovery under Rule 2004 of the Bankruptcy Code, the trust said it needed to obtain documents and records from Jeri Shapiro, the wife of Robert Shapiro, to determine if she . Shapiro, the former CEO of Woodbridge Group of Companies, and his wife, Jeri, as well as other entities named as defendants in the SEC lawsuit, will pay a combined $892 million to the commission, Bloomberg reported. And the husband and wife were even thought to have played golf with Happy Days actor Scott Baio, who called them a 'great couple' in the same year.
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