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Miami Beach Ponzi Schemer Nevin Shaprio Gets 20 Years in Jail

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Nevin Shapiro lived like a modern-day Caligula. He seemed to have it all: a luxurious Miami Beach mansion on the bay, parties that attracted local notables and sports superstars, fast cars, big yacht, women and the athlete's lounge at the University of Miami named after him. It all came tumbling down after the SEC accused Shapiro of running a $900 million Ponzi scheme, and yesterday Shapiro was sentenced to 20 years in prison.

Forty-two-year-old Shaprio's rise to lavishness and eventual downfall was chronicled in a New Times feature back in December. Shapiro told his victims that his company, Capitol Investments USA Inc., was a grocery distribution business and that he raised $900 million from dozens of investors. At least $100 million of that money was lost and $35 million was used to fuel his lavish lifestyle, which included $5 million for his mansion, hundreds of thousands of dollars in athletics tickets (including court-side Heat tickets), parties, and other pricey accouterments. Shapiro also donated $150,000 to the University of Miami football program, and in return had the school's student-athlete lounge named in his honor (though, that name was quickly removed.)

U.S. District Judge Susan Wigenton sentenced Shapiro to 20 years in prison, which was a longer sentence than prosecutors were asking for. Wigenton also ordered Shapiro to pay back $82 million in restitution to his more than 60 victims.

"What was clear was you were living the high life, and I'm sure it was really good when it was good," Wigenton told Shapiro during the sentencing in a New Jersey court room. "I'm sure that when you're sitting behind bars, you'll ask yourself 'was it all worth it?'"

"I'm really devastated for my mom and dad, but I got to tell you, my greatest remorse is for the victims who were impacted by my conduct," Shapiro responded. "Sometimes we are faced with situations where desperation weighs out over humiliation, and I really tried to right the wrongs, but I wasn't able to."

Shapiro had plead guilty to the charges back in September and has been cooperative with the investigation. His attorneys had hoped it would land him a lighter sentence.

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8 comments
Michael Wind
Michael Wind

in bay harbor islands fl 33154 they have people that do ponzi,right next to city hall,they protecting,to serve and protect,come to bay harbor islands close by not far where everybody is a criminal....

20 years is nor enough
20 years is nor enough

This con man was not an investor. He was a criminal. He stole money to buy himself the life of a centi-millionaire.

Let this be a lesson.

Michael Wind
Michael Wind

bay harbor islands is the epicenter of financial fraud under protection of city hall and corrupt police on the payroll of russian mob,1111 kane concourse huoses more companies than people in entire town,laundering is made in local banks,have many baks town like surfside needs,post office in surfside has many mail boxes of people like michael szafransky and other white collar criminals,some pretend to be religious people like the ones in deel nj. clean up the garbage....

Seems Abusive
Seems Abusive

Why would anyone take a plea?  He should not have cooperated.  He should have gone to trial and taken his chances.  No reason to be helpful to the government if they throw the book at you anyway.  This judge appears to have abused her discretion in my opinion.

Disappointed
Disappointed

Unreasonably long sentence. The judge should have went with the prosecutor's recommendation. It is our tax dollars that have to pay for this and we are going broke.  The judge should pay the difference out of her salary.  This was a terrible crime against investors.  Investors know there is a risk when they invest in these get rich deals that promimse huge returns.  I do not feel too bad for them.  This type of jail time should be reserved for violent crimes.  Let hims have house arrest with and a probabation officer a few years.   The USA simply cannot afford this type of prision time. 

Donlhope
Donlhope

he hurt so many people he deserves the sentence and more ---- problem is they didn't get allthe players -------- wht happened to the person who brought  inmost of the money --- NOTHING  now thats just wrong

Saratogariver
Saratogariver

you sound like someone who doesn't understand the facts. He should stay in there for the rest of his life.  Try not to be disappointed cause if he stole your money, you would be happy.

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