SEC charges Woodbridge for fraud
The Securities and Exchange Commission is charging that Woodbridge Group of Companies, the developer of high-end properties in the Roaring Fork Valley and elsewhere, defrauded thousands of investors in a $1.2 billion scheme.
The SEC filed a civil complaint Thursday in federal court in Miami claiming Robert H. Shapiro and his Woodbridge Group of Companies defrauded more than 8,400 investors.
A federal judge ordered a temporary asset freeze against Shapiro and his investment companies and ordered them account to for investor money.
The SEC says Woodbridge claimed to operate a loan business that would pay investors returns of as much as 10 percent annually. In reality, the SEC says it operated a classic Ponzi scheme in which newer investor money was used to pay older investors.
Support Local Journalism
Last month, Woodbridge closed its office in the Aspen Glen residential neighborhood about 3 miles north of Carbondale, reported the Glenwood Springs Post Independent.
Support Local Journalism
Readers around Aspen and Snowmass Village make the Aspen Times’ work possible. Your financial contribution supports our efforts to deliver quality, locally relevant journalism.
Now more than ever, your support is critical to help us keep our community informed about the evolving coronavirus pandemic and the impact it is having locally. Every contribution, however large or small, will make a difference.
Each donation will be used exclusively for the development and creation of increased news coverage.
Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.
