A Florida company must pay $1 billion for defrauding thousands of elderly people in a Ponzi scheme
|01/29/2019||Posted by BusinessMediaguide.Com under General World News||
- An alleged Ponzi scheme operator was ordered to pay $1 billion by a Florida federal court on Monday for defrauding 8,400 investors.
- In December 2017, the SEC charged the company and other defendants with operating a $1.2 billion scheme that defrauded 8,400 individual investors, many of whom were elderly. The SEC has since charged 18 salespeople, too.
- Former owner Robert Shapiro must pay a $100 million penalty, return $18.5 million in profits and $2.1 million in interest. As part of the settlement, he’s also barred from working with investment advisers and selling penny stocks.
A Florida federal court on Monday ordered read more >>>