U.S. federal prosecutors charged the owner and two former executives of Woodbridge Group of Companies LLC on Thursday with orchestrating a $1.3-billion Ponzi scheme involving 10,000 victims. Separately, the U.S. Securities and Exchange Commission also charged on Thursday Acevedo and Roseman for their roles in the scheme. It had charged Woodbridge and Shapiro previously. Shapiro and the other two former Woodbridge employees were arrested on Thursday in California and presented before a U.S. Magistrate Judge in the Central District of California, the DOJ said. Shapiro was ordered to be detained in prison, while Roseman and Acevedo were ordered to appear in the Southern District Florida for their arraignment, the date for which had not yet been scheduled.

Source: The Star April 12, 2019 09:44 UTC