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 was appointed to a three-year term at Dailyhover.com in September 2015. Later he was continued as the chief editor of the publication. In his role, Jason serves as the public's representative to Dailyhover.com. He is responsible for bringing transparency to matters of journalism and journalism ethics. Dailyhover.com receives tens and thousands of inquiries annually and the Jason responds to significant queries, comments, and criticisms. Jason has a decade of experience taking an objective at the media industry and this experience has helped her is expertizing business and health sectors. So, when it's about business and health news, Jason is the go-to guy at Dailyhover.com.

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