Scott L. Silver, managing partner of the Silver Law Group, was interviewed by South Florida’s Local 10 ABC news station concerning the Woodbridge Group of Companies investment fraud. Scott Silver is one of the nation’s leading experts on Ponzi schemes and has represented victims in many of the country’s largest investment frauds, including Madoff, Rothstein and Stanford.
Woodbridge and its affiliated companies have been heavily-featured in the news since the SEC brought fraud charges against the Woodbridge companies in December 2017. Since the SEC filings, news outlets have placed greater scrutiny on the individual “brokers” who sold the investments.
Silver has been representing investors who have been victims of investment fraud, Ponzi schemes and the like for over 20 years. Due to his experience, Channel 10 investigative reporter Bob Norman interviewed Scott concerning the Woodbridge fraud and the selling dealers.
“I use the term “brokers” loosely, because the people who sold Woodbridge were not registered brokers,” Silver said. “No regulatory bodies are overseeing these unlicensed brokers’ actions and the products they sell.”
Some of these brokers were not just unlicensed. Some of the brokers were barred by the Financial Industry Regulatory Authority. These barred brokers include Andrew Costa and Barry Kornfeld. Both Costa and Kornfeld were barred in 2008.
Many of Silver’s Woodbridge clients were simply looking for safe, conservative investments. These unlicensed brokers advertised Woodbridge as a no-lose investment, and that investors would not lose money.
Unfortunately, Woodbridge and its affiliated companies declared bankruptcy in December 2017, and many investors’ face an uphill battle to recover their losses in Woodbridge – an investment in which they were told they would lose never lose money in.
In the meantime, various states are bringing civil charges against some of the unlicensed brokers who sold Woodbridge for selling unregistered securities.
If you’ve lost money through investment fraud, contact Silver Law Group today to learn about your rights. Silver Law Group is a recognized leader in representing victims of securities and investment fraud. Our lawyers have decades of experience and bring passion coupled with experienced counsel to every case.
Silver Law Group represents the interests of investors who have been the victims of investment fraud. Please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll free at (800) 975-4345.