SEC Charges Miami Businessman Shapiro In $900M Ponzi Scheme
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The SEC charged a prominent Miami Beach-based businessman and philanthropist, Nevin K. Shapiro, for orchestrating a $900 million ponzi scheme.
SEC alleges that Shapiro, the founder and president of Capitol Investments USA, Inc., sold investors securities that he claimed would fund Capitol's grocery diverting business. Shapiro told investors that the securities were risk-free with rates of return as high as 26 percent annually.
Instead of investing the money, Shapiro was actually conducting a Ponzi scheme and illegally using investor money to pay for other unrelated business ventures and fund his own lavish lifestyle, according to the SEC.
SEC alleges that Shapiro, the founder and president of Capitol Investments USA, Inc., sold investors securities that he claimed would fund Capitol's grocery diverting business. Shapiro told investors that the securities were risk-free with rates of return as high as 26 percent annually.
Instead of investing the money, Shapiro was actually conducting a Ponzi scheme and illegally using investor money to pay for other unrelated business ventures and fund his own lavish lifestyle, according to the SEC.
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