Thursday, December 20, 2018

TV Finance "Guru" charged in $1.2b Ponzi Scheme

Jordan E. Goodman marketed himself as "America's Money Answers Man." He appeared regularly on Fox News, CNN, CNBC, CBS, and ABC. The SEC announced fraud charges against Goodman in Miami. The SEC says that from 2014 to 2017, Goodman told the public to invest in California real-estate companies called the Woodbridge Group, "a massive Ponzi scheme".
In November, the SEC whacked the CEO of Woodbridge, Robert Shapiro, with a $120 million fine.
Goodman made a substantial sum by telling people to send money to what the government says was a massive scam. In 2014 he started telling people to dump money into Woodbridge. He touted Woodbridge's investments as "safe and secure." or "super safe." He even told people to dump their retirement accounts into Woodbridge.

Goodman helped Woodbridge raise $147 million from 1,200 investors in 28 states. In return Goodman earned over $2.3 million in kickbacks.