Robert Shapiro, founder of the Woodbridge group of companies, has been sentenced to 25 years in prison as the result of an investment scam that took many seniors for their savings.
Investors, many of whom were senior citizens, believed Woodbridge was the holder of third-party real estate loans. In return for their money, investors received promissory notes reflecting loans to Woodbridge that would generate high interest. Allegedly, enough cash would be generated to repay the initial investment., that was not the case.
Working out of a communications center known as a"boiler room," Woodbridge telemarketers used"high-pressure sales tactics, deception, material misrepresentations and investor manipulation." Shapiro and most of the Woodbridge companies filed for Chapter 11 bankruptcy. But Shapiro had taken approximately $35 million investor dollars for himself.
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