May 2, 2018 / 12:59 AM / 5 months ago

Bankrupt developer gets court approval of agreement with SEC

Woodbridge Group of Companies LLC won bankruptcy court approval on Tuesday for a deal with the Securities and Exchange Commission to help close a probe of what the regulator pegged as a $1.2 billion Ponzi scheme run by the property developer.

The agreement allows a lawsuit by the SEC against Woodbridge in U.S. District Court for the Southern District of Florida to continue to determine if the company should face civil penalties and disgorge any ill-gotten gains.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2HFYKRm

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