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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Jordan Hayes

Jordan is the correspondent author at Dailyhover.com. He contributed commentaries to various online podcasts for almost 10 years. He has the responsibility of covering technology and business related news especially in the field of AI, smartphones, operating systems, latest and trending gadgets. Bryan's passion for food and things culinary has served him well. he has also spent time with award-winning food critic Alan Richman, the memory which he cherishes for is life.

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