Filed by Liquidation Trust. Summons and Notice of Pretrial Conference Served on Defendants 3X A Charm, LLC, Carbondale Basalt Owners, LLC, Davanna Sherman Oaks Owners, LLC, In Trend Staging, LLC, Midland Loop Enterprises, LLC, Schwartz Media Buying Company, LLC, Jeri Shapiro, Robert Shapiro, Stover Real Estate Partners, LLC. According to the Superseding Information and Superseding Indictment, at least 2,600 of these investor victims invested their retirement savings, totaling approximately $400 million. Click here to login, 2023, Portfolio Media, Inc. | About | Contact Us | Legal Jobs | Advertise with Law360 | Careers at Law360 | Terms | Privacy Policy | Cookie Settings | Help | Site Map, Enter your details below and select your area(s) of interest to stay ahead of the curve and receive Law360's daily newsletters, Email (NOTE: Free email domains not supported). Share sensitive information only on official, secure websites. The Trust entered into a resolution agreement with the DOJ which provided that the Trust would receive the assets forfeited by Robert and Jeri Shapiro (the "Forfeited Assets"). Complaint For Avoidance and Recovery of Avoidable Transfers, Fraud, Aiding and Abetting Fraud, Unjust Enrichment, Breach of Fiduciary Duty, and the Sale of Unregistered Securities by Woodbridge Liquidation Trust against Robert Shapiro, Jeri Shapiro, 3X A Charm, LLC, Carbondale Basalt Owners, LLC, Davanna Sherman Oaks Owners, LLC, In Trend Staging, LLC, Midland Loop Enterprises, LLC, Schwartz Media Buying Company, LLC, Stover Real Estate Partners, LLC. Lock Other relief defendants in the case also settled without denying or admitting to the SECs allegations. Roseman started working for Woodbridge as a sales agent in or around August 2012. 4th Street Unbeknownst to investors, Shapiro created and controlled a network of more than 270 limited liability companies, which he used to acquire and sell the properties pitched to investors. As its sole owner and chief operator, Shapiro compartmentalized Woodbridge operations to restrict access to information concerning Woodbridges finances. Bradford Sandler, Esq. Robert Shapiro (1) Guilty Counts 1,10 [ECF No. MNR secured a binding non-prosecution agreement for Ms. Shapiro. >Lbbn?\#3vpksKO"wP1ip//<3s|O~a. Robert Shapiro - Jeri L. Shapiro's Consent to Forfeiture ECF No. They used to work at Woodbridge Pre-Settlement Funding. And the husband and wife were even thought to have played golf with Happy Days actor Scott Baio, who called them a 'great couple' in the same year. In 2017, the US Securities and Exchange Commission (SEC) filed charges against Woodbridge, which it called a group of unregistered investment companies, and other defendants. The Woodbridge sales operation controlled by Shapiro, managed by Acevedo then Roseman, functioned as a phone room and featured high-pressure sales tactics, deception, and manipulation. Thus, neither Roseman nor Acevedo had direct knowledge that Shapiro was operating a Ponzi scheme by using new Woodbridge investor money to pay prior investors. please click here. An example of one of these salespersons is former Royal Alliance Associates broker Frank John Capuano (CRD #844182), whom FINRA sanctioned for offering and selling $1.1 million in allegedly unregistered Woodbridge notes to nine Royal Alliance customers, receiving over $34,000 in commissions for these transactions. (Koonin, Russell) (Entered: 01/04/2018) . (Admin. (Robinson, Colin), Affidavit/Declaration of Service re: Order. Call or email SSSEK Law Firm today if you were an investor that lost money in the Woodbridge Ponzi scam. 91.ih]?b_D&B?@,~L+ tC0Lsp=Ik"n" QCn4dry.~s#F61Fq(%RDQaQ(KTaT]T&4k!sy9m^h65o4o1?l~||?31&;3.6fn5:fk'[HHZ4| _"#3 H!O*c-H/Q"A-n.)yk Since the lawsuit hit, a number of Woodbridge-owned properties have come on the market for sale. All rights reserved 2023 The Real Deal is a registered Trademark of Korangy Publishing Inc. Watch: Developer Patrick Carroll "spits" on restaurant manager, Mitsubishi UFJ to sell SF office building at expected 80% discount, Connecticut private island sells for $3.5M. We also resolved all related SEC charges against Ms. Shapiro with no finding or . % Adobe Reader is required to view the PDFs. Why the digital generation of investors is shaking things up, Rise of the unmotivated buyer and seller: Home sales stall in stand-off over prices in wake of mortgage spike, Equity release nosedives in popularity as typical rates went as high as 8% - and sub-4% deals are unlikely to return f, Rents outside of London soar to an average of 1,190 a month as tenants compete for a lack of homes to let, Victory for mums after five-year This is Money campaign! -----x adv. 0:00. x|i@W=y$ ! hb```),@(qYPa i cP %~Vz(5=::$`h Blb9@s@4%#7#C$Ccc2-5D:7400.;]I" k, Farm Heroes Saga, the #4 Game on iTunes. His wife, Jeri Shapiro, is a relief defendant in the case. Jeri Shapiro, Shapiro's wife, was named as a relief defendant in the suit for her role serving as a vice president at Woodbridge since about 2012, and also for being in possession of real property . 2019 Ted Fund Donors In its motion seeking discovery under Rule 2004 of the Bankruptcy Code, the trust said it needed to obtain documents and records from Jeri Shapiro, the wife of Robert Shapiro, to determine if she . The SEC announced an investigation of Woodbridge in early December, alleging that Woodbridge sold unregistered securities. Of this $1B, Woodbridge and its 281 related companies must pay $892M in disgorgement. Law360 provides the intelligence you need to remain an expert and beat the competition. Filed by Epiq Class Action & Claims Solutions, Inc.. (related document(s)[, Affidavit/Declaration of Service re: Liquidation Trusts Status Report for May 19, 2021 Status Conference. Judge Marcia G. Cooke ordered Woodbridge and its 281 related companies to pay $892 million in disgorgement. (Attachments: # (1) Exhibit A # (2) Affidavit of Counsel in Support # (3) Exhibit 1 to Affidavit of Counsel # (4) Certificate of Service) (Robinson, Colin). Robert Shapiro was accused of fleecing 9,000 investors with a promise of profits on real estate loans, and . Miami, Fl. 99 N.E. Objections due by 2/3/2022. Filed by Epiq Class Action & Claims Solutions, Inc.. (related document(s)[, Affidavit/Declaration of Service re: Notice of Agenda of Matters Scheduled for Hearing on February 8, 2022 at 10:30 a.m. (Prevailing Eastern Time) Before the Honorable J. Kate Stickles. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Enter your email address to follow this blog and receive notifications of new posts by email. An official website of the United States government. Acevedo started working for Woodbridge as a sales agent in or around 2009, and in 2013 to December 2014 he served as the sales manager of Woodbridge. Docket (#174) Plaintiff's MOTION for Creation of Fair Fund and for Transfer of Payments to the Woodbridge Bankruptcy Estate's Liquidation Trust by Securities and Exchange Commission. Hearing scheduled for 2/8/2022 at 10:30 AM at US Bankruptcy Court, 824 Market St., 3rd Fl., Courtroom #7, Wilmington, Delaware. Assistant U.S. Attorney Sara Klco is handling the asset forfeiture component of the case. . The U.S. Securities and Exchange Commission (SEC) filed parallel civil enforcement actions against Woodbridge, Shapiro, his wife, and Acevedo and Roseman related to the fraud. 144 Woodbridge-Affiliated Property Limited Liability Companies 131 Woodbridge-Affiliated Holding Limited Liability Companies Jeri Shapiro Woodbridge Realty of Colorado, LLC Woodbridge Luxury Homes of California, Inc. Riverdale Funding, LLC Schwartz Media Buying Company, LLC WFS Holding Co. , LLC . Robert Shapiro sentenced to imprisonment for a term of 300 months, supervised release for 3 years, $200 special assessment, restitution and forfeiture. Juan Antonio Gonzalez, Acting U.S. Attorney for the Southern District of Florida, George L. Piro, Special Agent in Charge, Federal Bureau of Investigation (FBI), Miami Field Office, Tyler R. Hatcher, Acting Special Agent in Charge, Internal Revenue Service, Criminal Investigation (IRS-CI), and the Florida Office of Financial Regulation (OFR), made the announcement. Jeri Shapiro. Please see our Privacy Policy. : 139], United States v. Robert Shapiro - PAPERLESS Minute Entry for proceedings held before Judge Cecilia M. Altonaga: Change of Plea Hearing as to Robert Shapiro held on 8/7/2019. (related document(s)[28]) Notice Date 01/20/2022. Woodbridge Liquidation Trust - 2022 Grantor Letter : 06/16/2022 : PRESS RELEASE - Woodbridge Liquidation Trust Announces Cash Distribution . A federal judge has now ordered them cough up $1 billion in payments and fines after the SEC in 2017 filed an emergency court action. Robert Shapiro of the bankrupt Woodbridge Group used to live at Aspen Glen, where his company also had numerous real estate holdings. Jeri Shapiro. woodbridge mortgage commercial bridge loan fund 2, llc, 144 woodbridge-affiliated property limited liability companies, 131 woodbridge-affiliated holding limited liability companies, defendants, and jeri shapiro, woodbridge realty of colorado, llc, d/b/a woodbridge realty unlimited, woodbridge luxury homes of california, inc., Shapiro, the former CEO of Woodbridge Group of Companies, and his wife, Jeri, as well as other entities named as defendants in the SEC lawsuit, will pay a combined $892 million to the commission . Direct or indirect sales of unregistered securities is a violation of industry regulations, meaning a registered broker, financial adviser, or firm who has sold such securities may be liable for damages that result from associated transactions. Hearing scheduled for 5/19/2021 at 09:00 AM at US Bankruptcy Court, 824 Market St., 3rd Fl., Courtroom #7, Wilmington, Delaware. Neither Roseman nor Acevedo had access to or knowledge of Woodbridges finances and were unaware that Shapiro was using new investor money to pay prior investors. However, Shapiros real estate portfolio failed to generate sufficient cash flow to satisfy the loan obligations and interest payments owed to investors. Woodbridge Liquidation Trust Attn: Michael Goldberg, Liquidation Trustee c/o Akerman, LLP 350 East Las Olas Boulevard, Suite 1600 . Relief defendants Jeri Shapiro (Shapiro's wife), Woodbridge Realty of Colorado, LLC d/b/a Woodbridge Realty Unlimited CtWoodbridge Realty''), Woodbridge Luxury Homes of California, Inc. d/b/a Mercer Vine, lnc. Notice of Agenda of Matters not going forward. Chicago, DallasFort Worth, Denver, Detroit, Houston, Los Angeles, Miami, New York City, Philadelphia, Phoenix, San Bernardino-Riverside, San Diego, San Francisco, Seattle, St. Louis, TampaSt. Cocktails, fine wine and Dom Perignon flowed,ushering in 2016 with a grand flourish and the buffetwas afeast for the eyes, withamouthwateringdisplayof prime rib, spring lamb,oysters, crab, shrimp and every type of charcuterieandhors doeurvesimaginable. Filed by Epiq Class Action & Claims Solutions, Inc.. (related document(s)[12], [, Affidavit/Declaration of Service re Entry of Default (related document(s)[15]) Filed by Epiq Class Action & Claims Solutions, Inc.. (Gallerie, Bridget), BNC Certificate of Mailing. In January 2019, The SEC announced that a federal court in Florida ordered Woodbridge Group of Companies LLC and Shapiro to pay $1 billion in penalties and disgorgement for operating a Ponzi scheme that targeted retail investors. A restitution hearing is scheduled for 1/17/20. Shapiro, 61, of Sherman Oaks, California, entered his plea Wednesday in . Shapiro and Woodbridge used at least $328 million to repay principal and interest . Hosted by Woodbridge Realty of Colorado for the second consecutive year, 250 revelers and party-hounds danced into the wee small hours of 2016 to the music of Grammy Marlene Rodriguez The Securities and Exchange Commission today announced that a federal court in Florida ordered Woodbridge Group of Companies LLC and its former owner to pay $1 billion in penalties and disgorgement for operating a Ponzi scheme that targeted retail investors.. 919 North Market Street17th Floor The fraud scammed approximately 8,400 victims of retail investors, many of them elderly. Michael Goldberg, Liquidation Trustee The regulator contends that Woodbridge claimed that its main business was to issue loans to third-party commercial property owners. The regulator accused Woodbridge of using investors funds to pay other investors, as well as $64.5M in sales commissions to agents that had touted the Woodbridge investments as conservative and low risk. Shapiro is accused of using at least $21M of investor funds to support his lavish lifestyle. On August 7, 2019 Robert H. Shapiro, the former CEO of the Woodbridge Group of Companies, pled guilty and admitted in Miami federal . Woodbridge Realty of Colorado Throws THE Party of The Year! . Shapiro, Roseman, and Acevedo falsely claimed that Woodbridge was profitable and advertised high rates of return to investors. (Koonin, Russell) December 29, 2017: Filing 47 SUMMONS (Affidavit) Returned Executed on #1 Complaint, with a 21 day response/answer filing deadline by Securities and Exchange Commission. A federal court has ordered the Woodbridge Group of Companies and its former CEO and owner Robert H. Shapiro to pay $1B in disgorgement and penalties for allegedly running a $1.2B Ponzi scam that victimized 8,400 retail investors, including many senior investors who ended up losing their retirement money. In fact, you dont even need to live here as we have it all covered. endstream endobj 129 0 obj <>/Metadata 19 0 R/Pages 126 0 R/StructTreeRoot 26 0 R/Type/Catalog/ViewerPreferences 146 0 R>> endobj 130 0 obj <>/MediaBox[0 0 612 792]/Parent 126 0 R/Resources<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI]>>/Rotate 0/StructParents 0/Tabs/S/Type/Page>> endobj 131 0 obj <>stream . If you do not have Adobe Acrobat, please click here to download the free Adobe Reader. The property, first listed for $180 million, dropped to $115 million in September. 2 0 obj The money will be used to compensate the victims of the Ponzi scheme. %PDF-1.5 Please see our Privacy Policy. Woodbridge Realty of Colorado is unique in that from initial concept through to interior design and decorating, we offera full spectrum of services, freeing you up to enjoy everything else our beautiful valley has to offer. The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. A federal court has ordered the Woodbridge Group of Companies and its former CEO and owner Robert H. Shapiro to pay $1B in disgorgement and penalties for allegedly running a $1.2B Ponzi scam that victimized 8,400 retail investors, including many senior investors who ended up losing their retirement money.Of this $1B, Woodbridge and its 281 related companies must pay $892M in disgorgement. Responses due by 2/3/2022. Already a subscriber? FB U.S. Attorney's Office, Southern District of Florida, Two Remaining Defendants of $1.3 Billion Investment Fraud (Ponzi) Scheme One of the Largest Ever Charged in South Florida Plead Guilty to Mail and Wire Fraud Conspiracy, Foreign National Sentenced for Using Stolen Identity During COVID-19 Relief Prosecution, Two South Florida Residents Indicted for Stealing Millions in COVID-19 Relief Funds, Palm Beach Resident Headed to Federal Prison for Defrauding Cystic Fibrosis Nonprofit. CEO Sentenced to 25 Years for Leading $1.3 Billion Real Estate Ponzi Scheme. Special Counsel to the U.S. Attorney The real estate developer was accused of running a $1.2B massive fraud operation. By using later investor funds to pay earlier investors' interests, Shapiro thus purportedly portrayed the scheme as legitimate when, in fact, it was fraudulent and on the verge of financial disaster. It is further ORDERED and ADJUDGEDthat Jeri Shapiro shall satisfy the disgorgement and prejudgment interest due to the Commission by paying $100,000 as set forth in the payment plan in Paragraph II and disgorging the following assets to the bankruptcy estate in the matter of In Re Woodbridge Group of Companies, LLC, et al., Case No. ABC news anchor Mr. Stephanopoulos told The Wall Street Journal: 'Like many others, I was a victim of Woodbridge and now must deal with the consequences of its bankruptcy. At least 2,600 of these investor victims invested their retirement savings, totaling approximately $400 million. To make up for the cash deficiency, Shapiro resorted to making Ponzi payments, i.e., hundreds of millions of dollars invested by new investors were used to pay returns to older, existing Woodbridge investors. 371. The judgment was against Woodbridge and its 281 related companies, ordering them to pay $892 million in disgorgement While SEC investigators were busy unraveling the Woodbridge Ponzi and cover-up scheme, which primarily concerned 12-to-18-month promissory notes and seven private placement fund offerings with five-year terms, Woodbridge's public statements blamed regulators for being too strict, claiming that industry rules were to blame for the company's money troubles. The complaint alleges she owns assets, including real estate . ', ABC news anchor George Stephanopoulos is said to be one of those fleeced by the scheme, The headquarters of the Woodbridge Group of Companies in Sherman Oaks, California. Shapiro is said to have enjoyed a luxury lifestyle of chartered planes, country-club fees, Porsche cars and pricey jewelry. 145 0 obj <>/Filter/FlateDecode/ID[<48D2A42A9200924AAEB355A705480277>]/Index[128 46]/Info 127 0 R/Length 88/Prev 136995/Root 129 0 R/Size 174/Type/XRef/W[1 3 1]>>stream (Robinson, Colin), Affidavit/Declaration of Service RE: [HEARING CANCELLED] Notice of Agenda of Matters Scheduled for Hearing on April 22, 2020 at 10:30 A.M. (Prevailing Eastern Time) (related document(s)[6]) Filed by Epiq Class Action & Claims Solutions, Inc.. (Gallerie, Bridget), Affidavit/Declaration of Service RE: [CANCELLED HEARING] Notice of Agenda of Matters Scheduled for Hearing on March 18, 2020 at 11:00 a.m. (Prevailing Eastern Time) (related document(s)[5]) Filed by Epiq Class Action & Claims Solutions, Inc.. (Staal, Lorri). (Attachments: # (1) Notice # (2) Exhibit A # (3) Certificate of Service and Service List) (Robinson, Colin), Request for Entry of Default Solely as to Defendant Schwartz Media Buying Company, LLC Filed by Woodbridge Liquidation Trust. Filed by Epiq Corporate Restructuring, LLC. : 138], Notice of Quarterly Report of the Liquidation Trust for the period ending June 30, 2019, SPECIAL NOTICE TO HOLDERS OF CLASS A LIQUIDATION TRUST INTERESTS REGARDING "UPDATE IN CRIMINAL MATTER United States v. Robert Shapiro, 19-cr-20178-CMA (S.D. (related document(s)[, Status Report Liquidation Trust's Status Report for May 19, 2021 Status Conference Filed by Michael Goldberg. Woodbridge Mortgage Investment Fund 3, LLC, Woodbridge Mortgage Investment Fund 3A, LLC, Shapiro Property and Holding LLC, Woodbridge Commerical Bridge Loan Fund 1, LLC., WMF Management, LLC., Woodbridge Mortgage Investment Fund 2, LLC . A locked padlock He would then use new investments to pay off older ones. no. June 19, 2018 at 5:00 P.M. Partygoers were all in agreement that this was undoubtedly theevent of the year and many were already anticipating how much fun New Years Eve 2016 was going to be! . Click here for a video tour ofsome of ourcontemporary spec homes, currently under construction in Snowmass. Last but not least, if youdrop by ourAspen Glen officeanyFriday, we serve gourmet muffins and fresh coffee all daymeanwhile,all of us at Woodbridge Realty of Colorado wish youa successful and prosperous 2016! The court ordered Shapiro, accused of using a web of shell companies to conceal the scheme, to pay a $100 million civil penalty and to disgorge $18.5 million in ill-gotten gains plus $2.1 million in prejudgment interest. But interest rate threat still looms, warns boss Jamie Dimon, Bell tolls for U.S. banking: With each failure and rescue, the prospects of maintaining confidence look ever more remote, saysALEX BRUMMER, Over 65s hold 2.6TRILLION worth of housing wealth - largely without mortgages - as youngsters battle to get on the ladder, Why 2023 is the worst year to start retirement: Inflation and stock market wobbles hit the pension power of hundreds of thousands of older workers, Should you sell in May? It is alleged up to 8,400 retail investors were defrauded by Boca Raton-based Woodbridge, which filed for bankruptcy in 2017. He thanked the SEC Miami Regional Office and the U.S. Attorneys Office for the Central District of California for their assistance. 201 East Las Olas Boulevard As a result, people are putting their namesforward tomake sure theyreon the invitation list for December 31st 2016 and if youd like to be included, just drop by the Woodbridge Realty of Colorado offices at Aspen Glen and introduce yourself. Hearing scheduled for 5/27/2020 at 10:30 AM at US Bankruptcy Court, 824 Market St., 6th Fl., Courtroom #1, Wilmington, Delaware. : 143] 08/07/2019 : United States v. Robert Shapiro - PAPERLESS Notice of Sentencing Hearing as to Robert Shapiro set for 10/15/19 @ 8:30 a . [Bloomberg] Natalie Hoberman. The indictment further alleges that Shapiro caused most of the Woodbridge companies to file Chapter 11 bankruptcy, which caused investors to suffer substantial losses, as they were owed close to $1 billion in principal. Home; About. Jeri Shapiro, Woodbridge Realty of Colorado, Woodbridge Luxury Homes of California (dba Mercer Vine, Inc), Riverdale Funding, Schwartz Media Buying Company, and WFS Holding Co are listed as relief defendants. Co-defendant Robert Shapiro, the former owner, president, and CEO of Woodbridge Group of Companies LLC (Woodbridge) was previously sentenced to the maximum sentence of 25 years in prison for his leadership role in the fraud scheme and his separate income tax fraud. Woodbridge employed approximately 130 people and had offices located throughout the United States, including in Boca Raton, Florida; Sherman Oaks, California; Colorado; Tennessee; and Connecticut. ), Create custom alerts for specific article and case topics and, I took a free trial but didn't get a verification email. The agreement will also . Jeri Shapiro waiver sent on 12/22/2017, answer due 2/20/2018. Even as it filed for bankruptcy, Woodbridge retained Shapiro as a "consultant," for which the company paid a rate of $175,000 per month to another entity called "WMF Management," formed in September 2017, that Shapiro owns and manages. Shapiro's wife, Jeri, who was VP at Woodbridge for several years, has also been named as a relief defendant in the lawsuit. Official websites use .gov Jeri Shapiro, Woodbridge Realty of Colorado, Woodbridge Luxury Homes of California (dba Mercer Vine, Inc), Riverdale Funding, Schwartz Media Buying Company, and WFS Holding Co are listed as relief defendants. Prior to SEC involvement, states had already begun to uncover the true fraudulent nature of Robert H Shapiro's Woodbridge Group of Companies. 128 0 obj <> endobj SHAPIRO, JERI SHERMAN OAKS, CA 91423: Woodbridge Structured Funding Llc/Executive: $5,000: 03/18/2015: P: RUBIO VICTORY COMMITTEE - Republican: Search: Here are some of the companies, aside from Woodbridge Group of Companies, that are defendants in the SECs Ponzi fraud case: Shapiro is now permanently barred from associating with brokers, investment advisers, municipal advisers, and others in the securities industry.
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