The head of a Sherman Oaks firm accused of bilking thousands of investors in a $1.3-billion Ponzi scheme was arrested Thursday along with two associates on federal criminal charges.
Robert H. Shapiro's real estate firm Woodbridge acquired the Owlwood estate in Holmby Hills in 2016 for $90 million. Shapiro and the company are accused of defrauding thousands of investors.
Ryan O’Quinn, Shapiro’s attorney, said his client “denies the allegations in the indictment and will vigorously defend himself in the appropriate forum.”Prosecutors said a Ponzi scheme was orchestrated from Woodbridge’s offices throughout the United States, including in Sherman Oaks, where it is headquartered, and in Boca Raton, Fla., where it was previously headquartered.
The indictment alleged that the wrongdoing caused most of the Woodbridge companies to file Chapter 11 bankruptcy, which prosecutors said caused investors to suffer substantial losses on their $1 billion in principal. At least 2,600 victims invested their retirement savings, totaling about $400 million, the U.S. attorney’s office said.
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