October 5, 2018 / 11:08 PM / 6 months ago

Lawsuit says bankrupt developer Woodbridge's fraud relied on elder abuse

Dozens of elderly investors in Woodbridge Group of Companies sued the bankrupt luxury home developer on Thursday, arguing it violated a California elder-abuse law by scamming them out of $37 million as part of an acknowledged $1 billion Ponzi scheme.

In an adversary proceeding complaint filed in U.S. Bankruptcy Court in Delaware, the investors said they should get triple damages because Woodbridge meant to swindle seniors, who are protected from financial abuses under the California Welfare and Institutions Code.

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

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