Investors of Woodbridge may have the ability to the recovery of losses sustain. Please call 1-866-817-0201 for a free consultation with a private attorney. There were glaring issues in these investments for an extended perior of time. These issues should have been discovered during reasonable due diligence of the brokers and agents selling the investments. These investments were not suitable for any investor.
The U.S. Securities and Exchange Commission has been investigating Sherman Oaks, California-based Woodbridge, which calls itself a leading developer of high-end real estate, since 2016 for possible fraudulent sales of securities, according to court documents.
Woodbridge has additionally stated that it has also received inquiries from about 25 state securities regulators concerning the alleged offer and sale of unregistered securities by unregistered agents.
The Woodbridge Group of Companies missed payments on notes sold to investors the week of November 26, 2017, and December 5, 2017 filed chapter 11 bankruptcy. The company blamed rising legal and compliance costs for its problems.
Woodbridge said it had settled three of the state inquiries and was in advanced talks with authorities in Arizona, Colorado, Idaho and Michigan when it filed for Chapter 11 protection.
The company’s CEO, Robert Shapiro, resigned on December 2 but will continue to be paid a monthly fee of $175,000 for work as a consultant to the firm.
Rueters is the source of some of the information contained herein.