Woodbridge Group of Companies’ former CEO Robert Shapiro got the maximum sentence of 25 years in prison for running a $1.3 billion fraud.
Robert Shapiro, the former chief executive of Woodbridge Group of Cos., received the maximum sentence of 25 years in prison for running a $1.3-billion fraud that caused more than 7,000 retirees and other investors to lose money.
U.S. District Judge Cecilia Altonaga in Miami sentenced Shapiro on Tuesday, giving him twice the amount of prison time suggested by his lawyers, according to court records. The scam ran from July 2012 until December 2017, when Woodbridge filed for Chapter 11 bankruptcy protection.
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