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Shapiro to Enter Plea Agreement

On September 15, Nevin Shapiro will appear in court to enter into a plea agreement as to the charges of money laundering and securities fraud against him. Shapiro is alleged to have defrauded sixty investors across three states, including Florida, into investing $900 million in Capital Investments USA, Inc. The company purportedly operated in the wholesale grocery distribution business. Investors were promised risk-free returns of 26%, but early investors were merely being paid off by the money provided by newer investors. To perpetuate the fraud and continue convincing investors his scheme was in fact a real enterprise, Shapiro manufactured and provided investors with phony financial documents.
In addition to the Shapiro’s extravagant lifestyle, he also spent a tremendous amount of money in the sports industry. Among his expenditures are buying diamond-studded handcuffs for an unidentified athlete and a $150,000 donation to the University of Miami. The university was so appreciative of the donation, it named a student lounge after Shapiro. The appreciation, however, may be short-lived. Shaiprio’s attorney recently announced her client is currently writing a book which details major NCAA violations committed by University of Miami players. Shapiro’s attorney also says her client intends to pay back victims of the Ponzi scheme with the profits made off the book.

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