Management resigns from firm accused of US$1.2b Ponzi scheme
Wilmington, Delaware
AN independent management team resigned from the Woodbridge Group of Companies on Friday after the US Securities and Exchange Commission sought a court-appointed trustee to run the property firm that the regulator called a US$1.2 billion Ponzi fraud.
The team included Marc Beilinson as independent manager and Lawrence Perkins of SierraConstellation Partners LLC as chief restructuring officer, Woodbridge said in a statement. Mr Perkins will remain until the company hires a chief executive with homebuilding experience, it added.
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