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SEC Slams Exec, Seeks Trustee In $1B Woodbridge Ch. 11

Law360, Wilmington (January 2, 2018, 7:28 PM EST) -- The U.S. Securities and Exchange Commission sought a trustee takeover Tuesday for alleged Ponzi schemer Robert Shapiro’s collapsed $1.2 billion Woodbridge Group empire, saying Shapiro's hand-picked managers in the Delaware Chapter 11 case offered only “hollow” claims of independence.

SEC officials also challenged related bankruptcy court moves by the Woodbridge Group of Companies LLC to block appointment of a receiver in a related securities action that was filed against Shapiro last month in the U.S. District Court for the Southern District of Florida.

Woodbridge, which sold investments...
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