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.