Defendant pleads guilty in NJ in $880M fraud case
National News
A Florida man known for his sports-related philanthropy pleaded guilty Wednesday to running a multistate Ponzi scheme that prosecutors say left investors with up to $100 million in losses.
Nevin Shapiro pleaded guilty in New Jersey federal court to one count of securities fraud and one count of money laundering as part of an agreement that still has him facing up to 17 years in prison at his Jan. 4 sentencing.
Prosecutors say 41-year-old Shapiro of Miami Beach, used a Florida-based company called Capitol Investments, USA, Inc., to raise nearly $900 million from investors who thought they were buying into a wholesale grocery distribution business.
Charges filed by the Securities and Exchange Commission claim Shapiro promised investors risk-free annual returns as high as 26 percent by persuading them to invest in a "grocery diversion" enterprise — a practice of buying low-cost groceries in one region of the country and reselling them in higher-priced markets.
Shapiro allegedly siphoned at least $35 million of the proceeds for personal use, including $23 million for salaries and commissions for himself, $5 million for a Miami Beach mansion and $400,000 for courtside Miami Heat basketball tickets. He also spent lavishly on luxury cars, a high-stakes gambling habit, and a pair of diamond-studded handcuffs given to an unnamed prominent athlete, according to court documents.
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Car Accident Lawyers in New Rochelle, New York
If you have gotten in a car accident, it could seriously change your life. Whether the accident was caused by the other party’s fault or a fault of your own, you’ll want to to make sure that you are ready to prepare yourself for any cases that might follow.
Immediately following any type of car accident, it is important to take certain steps to ensure that the courts will treat you with respect and fairly. First, assess your mental and physical condition. Make sure right after the accident, you document any information regarding the accident and situation, it can be of great help later on.
You’ll want to make sure that you seek professional help for any medical conditions you may be experiencing. Do not wait to seek medical attention, you’ll want to make sure that you have documented evidence of the injury that was caused by the accident. The amount of treatment is also taken into consideration in every case.