A Florida Company Has Been Given Orders To Pay $1 Billion For Defrauding Thousands of Old Aged People In A Ponzi Scheme

A Florida Company Has Been Given Orders To Pay $1 Billion For Defrauding Thousands of Old Aged People In A Ponzi Scheme


Some people devalue the business sectors for their own benefits. There are many companies which are nothing but a sham, and their only purpose is to cheat some people and earn money. Something like this happened in Florida where a Ponzi scheme based company has been ordered by the local court of law to pay more than $1 billion to its victims. According to the recent reports which state that Florida federal court ordered to a Ponzi scheme operator called Robert Shapiro to pay $1 billion of money which he took from older adults aged more than 70. The reports show that there was a fraudulent person who was operating a company called Woodbridge which had promised many older adults to pay the interest of more than 5-6 percent. The Ponzi scheme operator Robert Shapiro said to the people that he is going to invest all of this money into various firms which will give him more than 12-15 percent.

However, when the SEC did the investigation, it’s been found that Robert Shapiro owned all of those companies. In other words, the person had a cunning plan to cheat thousands of older adults, and he succeeds too. However, there’s a saying which says that No bad things last forever and when the SEC filed a case in 2017 against the Ponzi operator they found all of his sham companies and fraudulent schemes. The report says that Shapiro was managing a Ponzi scheme of more than $1.2 billion and most of the earnings which he did from such activities were spent on chartered planes, luxury cars, etc.

Jason Amato

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