And ANOTHER Ponzi scheme allegation affecting Bel-Air properties

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Bel-Air has received its share of alleged developer fraud and Ponzi schemes — and to follow in the steps of developer Jay Belson, Paul Manafort’s ex-son-in-law Jeffrey Yohai (Paul Manafort and Jason Somers’s Crest Real Estate are listed as creditors in the bankruptcy filing), there is a new allegation by the Securities Exchange Commission involving Woodbridge Group, owner Robert Shapiro (not to be confused with the Los Angeles attorney).

For more information, click on the links below.

THE REAL DEAL “SEC sues Robert Shapiro for allegedly masterminding $1 Billion Ponzi scheme”

US Securities and Exchange Commission press release.

LINK to the Securities Exchange Commission (SEC) 47-page complaint that has more details.

THE REAL DEAL “Mercer Vine’s office hits the market following SEC suit against Robert Shapiro”

LINK to the LOS ANGELES TIMES article, “SEC alleges $1.2-billion real estate Ponzi scam”