Securities Arbitration Lawyers BlogWoodbridge Group of Companies Principal Robert Shapiro Takes the 5th Amendment
Robert Shapiro, president and CEO of Woodbridge Group of Companies (“Woodbridge”), has reportedly refused to answer questions from the Securities and Exchange Commission (“SEC”) relating to its investigation of Woodbridge’s business practices.
In a letter to the SEC, filed in federal court papers, Mr. Shapiro’s lawyer writes, “Upon consideration of the SEC’s investigative subpoenas and a review with counsel of the individual rights afforded by the United States Constitution, Mr. Shapiro will rely on his constitutional privilege to refuse to be a witness against himself.”
This disclosure occurs on the heels of a related SEC action against Woodbridge for the production of documents including e-mails and corporate documents relating to dozens of companies. According to the SEC, Woodbridge has raised over $1 billion from thousands of investors nationwide and is now under investigation for possible violations of the securities laws including anti-fraud violations.
