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  1. #1
    Senior Member Reputation points: 41866
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    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)
    Seacoast Business Funding, a division of Seacoast Bank
    Kevin Henry-VP Business Development
    Kevin.Henry@SeacoastBF.com
    561-623-1872
    www.seacoastbf.com
    Boynton Beach, FL

  2. #2
    Senior Member Reputation points: 6491 gaxisa's Avatar
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    That's a hefty fine. And to think the SEC "only" fined Elon Musk $40 mil for a tweet about Tesla shares.
    Gary Axisa
    Blue Streak Capital, Inc.
    gary@bluestreakcap.us

  3. #3
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    Everyone remember Riverdale Funding? Woodbridge was their sugar daddy.
    Micah Markowitz | American Business Funders | mmarkowitz@abfunders.com | 646-883-9721 - direct

  4. #4
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    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

    __

    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
    Optimal thinking is multidisciplinary, luck is the result of design; the more skillful you become, the luckier you get.



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