If you've fallen victim to financial fraud, getting back the money you lost takes time — if it's ever recovered at all.
Take the latest developments with Woodbridge Group of Companies, a real estate investing firm that has been implicated, along with its former owner and related companies, for bilking 8,400 retail investors, many of whom were older Americans, through a $1.2 billion so-called Ponzi scheme. In a Ponzi scheme, money from one set of investors is used to pay off other, earlier investors, or is used for the perpetrators' personal gain.
The Securities and Exchange Commission on Monday said it has ordered Woodbridge and its former owner and CEO, Robert H. Shapiro, to pay $1 billion in penalties and repayments. The regulator first filed an emergency action against the company in December 2017.