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SEC seeks trustee for firm behind alleged $1 bln Ponzi fraud
The U.S. Securities and Exchange Commission urged a federal judge on Wednesday to appoint a trustee to manage the Woodbridge Group of Companies, a bankrupt property developer the regulator accused of being a $1.2 billion Ponzi scheme. Woodbridge filed for bankruptcy in December and weeks later the SEC sued to freeze its assets, accusing it of selling unregistered securities to raise funds to repay earlier investors. The regulator has said investors are owed more than $961 million, and has alleged the company’s owner, Robert Shapiro, used at least $21 million for private jets, luxury cars, wine and political ... (full story)