Business

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.

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Jason Amato

Jason had joined DailyHover.com since 2015. Along with being the chief editor of the company, he scripts an exclusive series of news reports. It is like, writing truthful and non-biased news has become an integral part of his life. The publishing relies on Jason, who offers transparency to news reporting and journalism ethics. He has a decade long taste of media industry and reporting. Those aspects assist Jason’s expertise in writing new from Business and Health sectors. The titles include reports related to companies like Tesla, Uber, Amazon, Apple, Samsung, Alibaba etc. He has also focused on the latest happenings, discoveries, and studies taking place in the health sector. You can get him in touch with at

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