Shapiro was convicted for running a Ponzi scheme with two others, former Woodbridge Director of Investments Dane Roseman and Ivan Acevedo, from July 2012 through December 2017, according to federal authorities.
All three were arrested and charged in April 2019. In October, Shapiro was sentenced to 25 years in prison for orchestrating the multiyear Ponzi scheme, according to reports. Roseman and Acevedo have pleaded not guilty.
The Woodbridge Liquidation Trust is an entity formed out of the bankruptcy of Woodbridge Group of Cos. headed by CEO Robert Shapiro. The liquidation trust is one of two entities that were formed as part of a settlement with federal authorities after Woodbridge emerged from bankruptcy last year. The entities own many of Woodbridge's real estate assets, including mansions, apartments, vacant land and commercial office buildings, and will sell those assets to generate cash and then distribute it to defrauded investors and others.
Woodbridge acquired more than 193 residential and commercial properties primarily in Los Angeles and Aspen, Colorado, according to bankruptcy filings.more » « less