{"id":43378,"date":"2021-07-14T08:49:03","date_gmt":"2021-07-14T15:49:03","guid":{"rendered":"https:\/\/cjnotebook.com\/?p=43378"},"modified":"2021-07-14T08:49:03","modified_gmt":"2021-07-14T15:49:03","slug":"two-defendants-of-1-3-billion-fraud-scheme-one-of-the-biggest-in-south-florida-guilty","status":"publish","type":"post","link":"https:\/\/cjnotebook.com\/?p=43378","title":{"rendered":"Two Defendants of $1.3 Billion Fraud Scheme \u2014 One of the Biggest in South Florida \u2014 Guilty"},"content":{"rendered":"<div class=\"field field--name-field-pr-body field--type-text-long field--label-hidden\">\n<div class=\"field__items\">\n<div class=\"field__item even\">\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\"><strong>Miami, Florida<\/strong><\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\"><a href=\"https:\/\/cjnotebook.com\/two-men-involved-one-largest-smuggling-rings-synthetic-narcotics-arrested-today\/department-of-justice\/\" rel=\"attachment wp-att-3918\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-3918 alignleft\" src=\"https:\/\/cjnotebook.com\/wp-content\/uploads\/2014\/06\/Department-of-Justice-300x300.png\" alt=\"\" width=\"300\" height=\"300\" srcset=\"https:\/\/cjnotebook.com\/wp-content\/uploads\/2014\/06\/Department-of-Justice-300x300.png 300w, https:\/\/cjnotebook.com\/wp-content\/uploads\/2014\/06\/Department-of-Justice-150x150.png 150w, https:\/\/cjnotebook.com\/wp-content\/uploads\/2014\/06\/Department-of-Justice.png 350w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>Los Angeles residents Dane Roseman, 38, and Ivan Acevedo, 44, pled guilty this week to participating in a massive investment fraud scheme, officials stated.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">\u00a0More than 7,000 victims suffered financial losses as a result of the fraud scheme, one of the biggest fraud schemes in South Florida,\u00a0 according to authorities.<\/span><\/p>\n<p><span style=\"font-size: 20px;\">Roseman and Acevedo are scheduled to be sentenced on Sept. 20.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">\u00a0Co-defendant Robert Shapiro, the former owner, president, and CEO of Woodbridge Group of Companies LLC, was previously sentenced to 25 years in prison for his leadership role in the fraud scheme and his separate income tax fraud, officials stated.<\/span><\/p>\n<figure id=\"attachment_43380\" aria-describedby=\"caption-attachment-43380\" style=\"width: 300px\" class=\"wp-caption alignright\"><a href=\"https:\/\/cjnotebook.com\/two-defendants-of-1-3-billion-fraud-scheme-one-of-the-biggest-in-south-florida-guilty\/mainimage_shapiro-705x439\/\" rel=\"attachment wp-att-43380\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-43380 size-medium\" src=\"https:\/\/cjnotebook.com\/wp-content\/uploads\/2021\/07\/MainImage_Shapiro-705x439-1-300x187.jpg\" alt=\"\" width=\"300\" height=\"187\" srcset=\"https:\/\/cjnotebook.com\/wp-content\/uploads\/2021\/07\/MainImage_Shapiro-705x439-1-300x187.jpg 300w, https:\/\/cjnotebook.com\/wp-content\/uploads\/2021\/07\/MainImage_Shapiro-705x439-1.jpg 705w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><figcaption id=\"caption-attachment-43380\" class=\"wp-caption-text\"><strong> Ivan Acedveo and Dane Roseman pleaded guilty Monday to their roles in a scheme that bilked thousands of property investors. Robert Shapiro, above, the mastermind, was sentenced in 2019, according to the Real Deal, real estate news.<\/strong><\/figcaption><\/figure>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">According to the indictment, superseding information, and court documents, Shapiro spearheaded and concealed an enormous Ponzi scheme through his business, Woodbridge.\u00a0 Woodbridge employed approximately 130 people and had offices located throughout the United States, including in Boca Raton, Florida; Sherman Oaks, California; Colorado; Tennessee; and Connecticut. \u00a0<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">The scheme ran from 2012 to December 2017, when Woodbridge filed for Chapter 11 bankruptcy and defaulted on its obligations to investors.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\"><a href=\"https:\/\/cjnotebook.com\/two-defendants-of-1-3-billion-fraud-scheme-one-of-the-biggest-in-south-florida-guilty\/photo-by-vladimir-solomyani\/\" rel=\"attachment wp-att-43382\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-43382 alignleft\" src=\"https:\/\/cjnotebook.com\/wp-content\/uploads\/2021\/07\/rkpiuxlq29a-300x200.jpg\" alt=\"100 US dollar banknote\" width=\"300\" height=\"200\" srcset=\"https:\/\/cjnotebook.com\/wp-content\/uploads\/2021\/07\/rkpiuxlq29a-300x200.jpg 300w, https:\/\/cjnotebook.com\/wp-content\/uploads\/2021\/07\/rkpiuxlq29a-1024x683.jpg 1024w, https:\/\/cjnotebook.com\/wp-content\/uploads\/2021\/07\/rkpiuxlq29a-768x512.jpg 768w, https:\/\/cjnotebook.com\/wp-content\/uploads\/2021\/07\/rkpiuxlq29a-1536x1024.jpg 1536w, https:\/\/cjnotebook.com\/wp-content\/uploads\/2021\/07\/rkpiuxlq29a-850x567.jpg 850w, https:\/\/cjnotebook.com\/wp-content\/uploads\/2021\/07\/rkpiuxlq29a.jpg 1600w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>Shapiro and his co-conspirators convinced more than 9,000 investors to invest more than $1.29 billion to Woodbridge. \u00a0<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">Court documents indicate that 2,600 of these investor victims invested their retirement savings, totaling approximately $400 million. \u00a0<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">Shapiro misappropriated about $25 million to $95 million in investor money for himself and for the benefit of his immediate family members. \u00a0<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\"><a href=\"https:\/\/cjnotebook.com\/former-ceo-medical-device-eye-company-indicted-insider-trading\/fbi-insider-trading\/\" rel=\"attachment wp-att-6172\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-6172\" src=\"https:\/\/cjnotebook.com\/wp-content\/uploads\/2014\/09\/FBI-Insider-Trading-300x228.jpg\" alt=\"\" width=\"300\" height=\"228\" srcset=\"https:\/\/cjnotebook.com\/wp-content\/uploads\/2014\/09\/FBI-Insider-Trading-300x228.jpg 300w, https:\/\/cjnotebook.com\/wp-content\/uploads\/2014\/09\/FBI-Insider-Trading-45x35.jpg 45w, https:\/\/cjnotebook.com\/wp-content\/uploads\/2014\/09\/FBI-Insider-Trading.jpg 500w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>Roseman received approximately $2.5 million in Woodbridge money and Acevedo received approximately $1.1 million.<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\"><a href=\"https:\/\/therealdeal.com\/la\/2021\/07\/13\/last-defendants-in-1-3-billion-ponzi-scheme-plead-guilty\/\">&#8220;According to the Real Deal news,<\/a> many of Shapiro\u2019s and Woodbridge\u2019s <a href=\"https:\/\/therealdeal.com\/la\/2020\/03\/09\/bel-air-property-once-owned-by-convicted-ponzi-schemer-robert-shapiro-sells-for-60m\/\" target=\"_blank\" rel=\"noopener\">pricey residential properties<\/a>\u00a0in Los Angeles and at least one in Palm Beach, Florida, have been sold off in the past couple of years to help\u00a0<a href=\"https:\/\/therealdeal.com\/la\/2021\/01\/04\/owlwood-estate-owned-by-famous-and-notorious-sells-for-88m\/\" target=\"_blank\" rel=\"noopener\">pay back investors,&#8221;<\/a><\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">The U.S. Securities and Exchange Commission (SEC) filed parallel civil enforcement actions against Woodbridge, Shapiro, his wife, and Acevedo and Roseman related to the fraud.\u00a0<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\"><a href=\"https:\/\/cjnotebook.com\/skid-row\/judge-gavel\/\" rel=\"attachment wp-att-39979\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-39979\" src=\"https:\/\/cjnotebook.com\/wp-content\/uploads\/2020\/07\/judge-gavel-300x160.jpg\" alt=\"\" width=\"300\" height=\"160\" \/><\/a>Woodbridge falsely claimed that these investments were tied to real property owned by third parties and that the third parties would be making the interest payments to Woodbridge and its investors; it was portrayed as an investment in a hard-money lending business.\u00a0<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">Roseman started working for Woodbridge as a sales agent in or around August 2012.\u00a0 Between 2015 and 2017 he served as the sales manager of Woodbridge. \u00a0<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">Acevedo started working for Woodbridge as a sales agent in or around 2009, and in 2013 to December 2014 he served as the sales manager of Woodbridge. \u00a0<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">As sales managers, defendants sold Woodbridge securities and supervised Woodbridge internal sales agents who sold Woodbridge securities. \u00a0<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\"><a href=\"https:\/\/cjnotebook.com\/hospital-research-sentenced-to-prison-for-stealing-and-selling-trade-secrets-to-china\/cropped-courtroom-1-png\/\" rel=\"attachment wp-att-39125\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright  wp-image-39125\" src=\"https:\/\/cjnotebook.com\/wp-content\/uploads\/2016\/04\/cropped-Courtroom-1-300x90.png\" alt=\"\" width=\"527\" height=\"158\" \/><\/a>Using high-pressure sales tactics, Shapiro, Roseman, Acevedo, and others marketed and promoted these investments as low-risk, safe, simple, and conservative, court records indicate. And at minimum, investors were made to believe that Woodbridge\u2019s real estate dealings would generate the funds used to pay the return on their investments.\u00a0<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">The Woodbridge sales operation controlled by Shapiro, managed by Acevedo then Roseman, functioned a<\/span><span style=\"font-size: 20px;\">s a \u201cphone room\u201d and featured high-pressure sales tactics, deception, and manipulation.\u00a0\u00a0<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-38520\" src=\"https:\/\/cjnotebook.com\/wp-content\/uploads\/2019\/12\/Telemarketing_Fraud_and_Lawsuits_medium-300x201.jpg\" alt=\"\" width=\"300\" height=\"201\" srcset=\"https:\/\/cjnotebook.com\/wp-content\/uploads\/2019\/12\/Telemarketing_Fraud_and_Lawsuits_medium-300x201.jpg 300w, https:\/\/cjnotebook.com\/wp-content\/uploads\/2019\/12\/Telemarketing_Fraud_and_Lawsuits_medium-95x65.jpg 95w, https:\/\/cjnotebook.com\/wp-content\/uploads\/2019\/12\/Telemarketing_Fraud_and_Lawsuits_medium.jpg 350w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">Woodbridge promoted investments through telephone and in-person conversations, e-mails and website displays. \u00a0The scheme also involved misrepresentations to financial planners who helped Woodbridge to sell investments to potential investors.\u00a0<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">Despite Woodbridge\u2019s claims that these investments would be backed by properties owned by third parties, in fact, to the extent that the properties existed, they were secretly owned by Shapiro. <\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">\u00a0Unbeknownst to investors, Shapiro created and controlled a network of more than 270 limited liability companies, which he used to acquire and sell the properties pitched to investors.\u00a0<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\"><a href=\"https:\/\/cjnotebook.com\/two-defendants-of-1-3-billion-fraud-scheme-one-of-the-biggest-in-south-florida-guilty\/photo-by-bill-oxford-36\/\" rel=\"attachment wp-att-43383\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-43383 alignleft\" src=\"https:\/\/cjnotebook.com\/wp-content\/uploads\/2021\/07\/udxd2nrbxs8-300x200.jpg\" alt=\"gray knuckles\" width=\"300\" height=\"200\" srcset=\"https:\/\/cjnotebook.com\/wp-content\/uploads\/2021\/07\/udxd2nrbxs8-300x200.jpg 300w, https:\/\/cjnotebook.com\/wp-content\/uploads\/2021\/07\/udxd2nrbxs8-1024x683.jpg 1024w, https:\/\/cjnotebook.com\/wp-content\/uploads\/2021\/07\/udxd2nrbxs8-768x512.jpg 768w, https:\/\/cjnotebook.com\/wp-content\/uploads\/2021\/07\/udxd2nrbxs8-1536x1024.jpg 1536w, https:\/\/cjnotebook.com\/wp-content\/uploads\/2021\/07\/udxd2nrbxs8-850x567.jpg 850w, https:\/\/cjnotebook.com\/wp-content\/uploads\/2021\/07\/udxd2nrbxs8.jpg 1600w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>Shapiro, Roseman, and Acevedo falsely claimed that Woodbridge was profitable and advertised high rates of return to investors. \u00a0However, Shapiro\u2019s real estate portfolio failed to generate sufficient cash flow to satisfy the loan obligations and interest payments owed to investors. \u00a0<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">To make up for the cash deficiency, Shapiro resorted to making Ponzi payments, i.e., hundreds of millions of dollars invested by new investors were used to pay \u201creturns\u201d to older, existing Woodbridge investors. \u00a0<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">In some instances, Shapiro made these fraudulent \u201cinterest\u201d payments even when the advertised investment properties were never acquired.\u00a0<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">As its sole owner and chief operator, Shapiro compartmentalized Woodbridge operations to restrict access to information concerning Woodbridge\u2019s finances. \u00a0<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">Neither Roseman nor Acevedo had access to or knowledge of Woodbridge\u2019s finances and were unaware that Shapiro was using new investor money to pay prior investors. \u00a0<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"font-size: 20px;\">Neither Roseman nor Acevedo had direct knowledge that Shapiro was operating a Ponzi scheme by using new Woodbridge investor money to pay prior investors.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Miami, Florida Los Angeles residents Dane Roseman, 38, and Ivan Acevedo, 44, pled guilty this week to participating in a massive investment fraud scheme, officials stated. \u00a0More than 7,000 victims suffered financial&#8230;<\/p>\n","protected":false},"author":1,"featured_media":16417,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-43378","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Two Defendants of $1.3 Billion Fraud Scheme \u2014 One of the Biggest in South Florida \u2014 Guilty<\/title>\n<meta name=\"description\" content=\"Miami, Florida Los Angeles residents Dane Roseman, 38, and Ivan Acevedo, 44, pled guilty this week to participating in a massive investment fraud scheme,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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