Stoltmann Law Offices continues to investigate the Woodbridge Group of Companies, a southern California real estate and investment company, which has allegedly raised over $1 billion from investors. Yesterday, Woodbridge filed for bankruptcy, amid the departure of its chief executive and investigation into whether potential securities fraud occurred linked to $1 billion in investments. The Securities and Exchange Commission (SEC) is investigating it to determine whether the company has been operating as a fraud. The company’s former president, Robert Shapiro, is also being investigated. The SEC is “investigating the offer and sale of unregistered securities, the sale of securities by unregistered brokers and the commission of fraud in connection with the offer, purchase and sale of securities.” According to Woodbridge’s website, the group, Woodbridge Wealth, sells three types of investment: first position commercial mortgages with an annual yield of 5%, secondary market annuities with above average, risk adjusted yields, and a commercial bridge loan fund that potentially returns 6%. According to the Financial Industry Regulatory Authority (FINRA) website, BrokerCheck, there is no broker-dealer named Woodbridge Wealth.
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