Miami Beach Man Faces Sentencing For Ponzi Scam
South Florida Crime
NEWARK, N.J. (CBS4) – A Miami Beach man faces sentencing Tuesday for his role in a multistate Ponzi scheme which cost investors up to $100 million in losses.
Nevin Shapiro told investors they were using the money to invest in a wholesale grocery distribution business and prosecutors say that story helped him raise $900 million.
Prosecutors say he took $23 million in salary plus commissions and invested in enriching himself with a mansion, luxury cars and courtside seats at Miami Heat basketball games.
Shapiro, once known for his sports philanthropy, pleaded guilty last September in a New Jersey federal court to one count of securities fraud and one count of money laundering. The plea was part of an agreement that still has him facing up to 17 years in prison.
Roberto Torres and his son Alejandro, both from Boca Raton, also pleaded guilty to one count of securities fraud in connection with the Capitol Investments USA investigation.
Torres served as the company’s chief financial officer for company; his son was an accountant with the firm.