The largest loss this month relates to a Ponzi scheme. On December 20, 2017, the US Securities and Exchange Commission charged the Woodbridge Group of Companies and its founder Robert Shapiro with running a $1.22 billion Ponzi scheme affecting 8,400 investors nationwide.
According to the regulator, Shapiro and Woodbridge told investors they could make returns of between 5% and 10% through his business model in which he made short-term loans to third-party companies for 11% to 15% interest.
- Bank risk manager of the year: UBS
- People moves: Asia hires at Credit Suisse, new UBS data role, NatWest takes UBS's Duclos, and more
- Asia moves: BlackRock picks new Asia head, Credit Suisse boosts regional solutions, and more
- Risk solutions house of the year: HSBC
- We need a different approach to supervisory stress-testing