In the US, opened a financial pyramid for $ 1.2 billion

The US Securities and Exchange Commission (SEC) has identified a Ponzi scheme of fraud in the amount of $ 1,2 billion. The agency reports that investors have suffered, including many elderly people.

The organizer of the fraud was made by luxury real estate developer Robert Shapiro and his group of companies Woodbridge. He created a “bogus” business model and deceived more than 8400 people who became investors in unregistered funds. Woodbridge. Shapiro promised 5-10% per annum for money, which he said would be used for loans under 11-15% to commercial property owners.

Investors' money was directed to paying other investors to paying commissions to sales agents - about $ 65,5 million. Shapiro attracted about $ 21 million personally for himself. The Ponzi scheme collapsed in early December, when a man stopped paying investors and filed for bankruptcy.

“Shapiro used a network of multi-level companies to hide his ownership interest from creditors. He used a scheme to pick the pockets of investors,” said Eric I. Bustillo, director of the SEC's Miami regional office.

The SEC has secured a freeze in Shapiro’s assets and several of his companies that do not fall under the bankruptcy chapter. In addition, the commission appealed to the Miami Federal Court with a request to appoint a receiver to monitor all companies. Woodbridge. If this step is approved, the bankruptcy procedure can be stopped.

The Ponzi scheme is a fraudulent investment scam that promises a high rate of return with minimal risk to investors. The scheme provides income to earlier investors at the expense of funds received from later investors. At first, it may look like a completely legitimate one, but the Ponzi scheme usually collapses as soon as the flow of funds from new investors becomes insufficient for making old payments. The Ponzi scam is named after Charles Ponzi, a Boston clerk who first organized such a scheme in 1919.

It is believed that the former chairman of the NASDAQ Stock Exchange, Bernie Madoff, built the largest Ponzi scheme in the United States in the entire history of the country. The number of victims is from one to three million people and several hundred financial organizations, the damage is estimated at about $ 64,8 billion.

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