Law360 (Jan. 22, 2021, 9:19 p.m. EST) – The U.S. Securities and Exchange Commission received approval in California federal court on Friday to withdraw millions of dollars from a group of unregistered brokers that spanned the years Ponzi Real Estate Program surrendered by Woodbridge Cos.
The regulator agreed to dismiss its claims against the group of defendants who are alleged to have earned $ 188 million in fees from customers invested in the system in exchange for disgorging the illicit profits.
Woodbridge spent more than $ 1.2 billion – mostly from senior investors – before it collapsed in 2017 and filed for bankruptcy, according to court records.
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