On October 15, developer Robert Shapiro—who pleaded guilty in August for leading a $1.3 billion real estate Ponzi scheme—received the maximum sentence of 25 years in prison. Drawn out over two years, the court case laid bare how his now-defunct Sherman Oaks-based investment firm, the Woodbridge Group of Companies, defrauded more than 7,000 investors, among them many elderly retirees and ABC News anchor George Stephanopoulos. Certain elements of Shapiro’s flagrant self-enrichment scam may be especially
source https://therealdeal.com/2019/11/12/robert-shapiro-is-not-alone-5-real-estate-ponzi-schemes-you-should-know-about/
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