SEC Charges Lago Vista Project Owner For $1.2 Billion ‘Ponzi Scheme’
Posted Thursday, December 21, 2017 – 6:15 PM
By Victoria Talbot
The Securities and Exchange Commission (SEC) announced Thursday an asset freeze against the group of unregistered investment companies called the Woodbridge Group of Companies, LLC and Woodland Hills resident Robert Shapiro, saying “the owner … bilked thousands of investors, many of them seniors, in a $1.2 billion Ponzi scheme.”
Woodbridge LLCs were formed to purchase hundreds of luxury homes in Beverly Hills, Bel Air, Holmby Hills, Pacific Palisades and throughout the West Los Angeles area.
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