The agency’s latest move clears the way for investors to potentially get back the money they lost. How much is distributed to victims will depend on Woodbridge’s Chapter 11 bankruptcy and how much a related liquidation trust collects.
One of the most infamous Ponzi schemes is that of Bernard Madoff, who is serving a 150-year prison sentence in connection with a record $65 billion decades-long scam for which he was arrested in 2008.
You may think you can easily spot a fraudster. But chances are, you are vulnerable to getting duped.
“The frightening truth about fraud is scammers scam and liars lie,” said Gerri Walsh, senior vice president of investor education at the Financial Industry Regulatory Authority, or FINRA, which regulates brokerage firms.
To lessen the chances of becoming a victim, there are precautions you should take.