Goodman & Nekvasil P.A. May Recover Investor Losses on Fraudulent Woodbridge Investments – Surf City Insurance Services, Inc.
Goodman & Nekvasil, P.A. has learned that Dee Dee Brooks, an associate of Surf City Insurance Services, Inc., sold the fraudulent Woodbridge Mortgage Investment Fund, which collapsed in 2017.
On December 20, 2017, the Securities and Exchange Commission (SEC) filed an action alleging that the Woodbridge investment was a massive Ponzi scheme, and that new investor money was used to pay the returns owed to existing investors. The SEC also alleges that Woodbridge’s business model was a sham, and that Woodbridge and Woodbridge’s owner and President, Robert H. Shapiro, misused and misappropriated investor monies. The SEC points out that Woodbridge admits in its bankruptcy filing that it has less than $12 million in its bank accounts while having investor liabilities approaching $1 billion.
The SEC also alleges that many of the properties Woodbridge purchased remain as vacant lots that have set undeveloped for several years. According to the SEC, nearly all of the purported third-party borrowers were actually limited liability companies owned and controlled by Woodbridge, which had no revenue, no bank accounts and never paid any interest under the loans.
If you invested in Woodbridge through Dee Dee Brooks, you may be able to recover your losses from Signator Investors, Inc. and/or SCF Securities, Inc. This is because Signator Investors, Inc. and SCF Securities, Inc. had a duty to supervise Dee Dee Brooks.
If you invested in Woodbridge with Dee Dee Brooks, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action against Signator Investors, Inc. and/or SCF Securities, Inc. concerning Dee Dee Brooks’ conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $180 million on behalf of victimized investors. If you invested in the Woodbridge Mortgage Investment Funds with Dee Dee Brooks and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
Keywords: Surf City Insurance, Surf City Financial, Dee Dee Brooks, Goodman and Nekvasil