Less than a month after the bankruptcy filing of J.G. Wentworth (as described here), another settlement factoring company has filed for bankruptcy.
Woodbridge Structured Funding is one of the Woodbridge companies that has sought bankruptcy protection.
Many news stories describe not only the bankruptcy filing but also the Securities and Exchange Commission’s probe. Among the stories are the following:
- “Property Group Woodbridge Files For Bankruptcy Amid SEC Probe”, Reuters, available here;
- “Woodbridge Bankruptcy Burns Advisers And Real Estate Investors”, Investment News, available here;
- “Real Estate Developer Woodbridge Group Files For Bankruptcy Amid SEC’s Fraud Probe”, Bloomberg, available here;
- “SEC Says L.A. Developer Who Bought Celebrity Real Estate Ran $1 Billion Ponzi Scheme”, Los Angeles Times, available here;
- “SEC Sues Woodbridge Ex-CEO Shapiro Over Alleged $1 Billion Ponzi Scheme”, Wall Street Journal, available here (subscription required);
- “Real Estate Developer Woodbridge Is Being Sued Over A $1.2 Billion Ponzi Scheme That Defrauded The Elderly”, Fortune, available here;
- “Fraud Questions Linger In Woodbridge Ch. 11 Trustee Fight”, Law360, available here;(registration required); and
- “Alleged Ponzi Firm Woodbridge Agrees With SEC On New Board”, Reuters, available here.
As the last of those news stories says, Woodbridge “reached a deal with the government on Tuesday to appoint a new board and to pay for legal representation for thousands of alleged victims.”