Fyi

Former Woodbridge CEO fined $120M by SEC in alleged Ponzi scheme



Robert Shapiro, the former head of Woodbridge Group of Companies, agreed to pay $120 million to the U.S. Securities and Exchange Commission to settle allegations that he ran a $1.2 billion Ponzi scheme that defrauded more than 8,400 investors. Woodbridge Group once had about 140 employees in six states, including an office in Boca Raton. Woodbridge Structured Funding was also based in Boca Raton. (South Florida Business Journal)

That's a hefty fine. And to think the SEC "only" fined Elon Musk $40 mil for a tweet about Tesla shares.

Everyone remember Riverdale Funding? Woodbridge was their sugar daddy.

5 More people were charged by the SEC for funneling investors to them as well.

They had seminars and advertised for investors on the radio etc without disclosures ( illegal )

There is a civil suit against them for millions in commission they made and an additional breach of fiduciary duty charge to go along with it then can turn into a criminal charge.

I do not know how Riverdale ever made that much money the rates were not competitive at all

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Regulators also fined 2 Bank executives and charged them with money laundering and the bank secrecy act for touching the money...fined them 2.5 Million