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Shapiro’s Scheme Sank Wisconsin AD’s Money

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Barry Alvarez

(Photo by Doug Benc/Getty Images)

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MIAMI (CBSMiami.com) – Details continue to come out about the sheer scope of the Miami Hurricanes alleged wrongdoing. But details of Nevin Shapiro’s Ponzi scheme are also beginning to be examined and his reach extended to the University of Wisconsin.

Wisconsin athletic director Barry Alvarez is among the victims who claimed to have lost money in Shapiro’s Ponzi scheme. Alvarez said Thursday that he was introduced to Shapiro “on one occasion over the years.”

CBS4 news partner the Miami Herald reported that Alvarez and his wife Cynthia claimed in court documents they lost $600,000 by investing in Shapiro’s scheme. The Alvarez’s son Chad also claimed he lost $400,000.

Alvarez said he has retained attorneys to recoup the money he lost in Shapiro’s $930 million Ponzi scheme.

(TM and © Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2010 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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