Wendel Allegedly Sold Woodbridge Ponzi Scheme Investments to His Clients
Back in November, the investment fraud lawyers at the law firm of Meyer Wilson announced their investigation into alleged improper securities salesby now-former Ohio stockbroker Christopher Todd Wendel.
Since then, the lawyers at Meyer Wilson have been contacted by former customers of Wendel who were sold investments into the now-defunct Woodbridge Group of Companies.
On December 20, 2017, the Securities & Exchange Commission filed a Complaint for Injunctive Relief against Woodbridge, its founder and former principal, Robert Shapiro, and numerous LLCs allegedly controlled or operated by Shapiro. The SEC’s Complaint alleges that Woodbridge was nothing more than a massive $1.22 billion Ponzi scheme.
According to the SEC:
Shapiro promised investors they would be repaid from the high rates of interest Shapiro's companies were earning on loans the companies were purportedly making to third-party borrowers. However, nearly all the purported third-party borrowers were actually limited liability companies owned and controlled by Shapiro, which had no revenue, no bank accounts, and never paid any interest under the loans.
You can read more about the Woodbridge Ponzi scheme and Meyer Wilson’s investigation into Woodbridge here.
Wendel, of Celina, Ohio, is not currently registered with any securities firms. From September 2014 through September 2017, Wendel worked for the brokerage firm of SA Stone Wealth Management. Prior to that, from September 2002 through September 2014, Wendel worked for WRP Investments, Inc.
If you are a former client of Christopher Wendel who invested in Woodbridge, please contact the securities fraud lawyers at Meyer Wilson today for a no-charge consultation. Since 1999, we have represented over 1,000 investors and recovered over $300 million on behalf of our clients. We represent clients nationwide with offices in California, Ohio, and Michigan.