Nevin K. Shapiro, Miami Beach Businessman, Accused of Running $900 Million Grocery Ponzi Scheme
"Will that be paper or plastic?" Despite the fact Nevin K. Shapiro ran a grocery diverting business, when he was asking that he was most likely wondering how victims of his alleged $900 million ponzi scheme wanted to pay up.
"He used his prominence and prestige to gain investors' trust in funding Capitol's grocery diverting business, but behind their backs he diverted their money to enrich himself," said Eric I. Bustillo, Director of the SEC's Miami Regional Office in a written statement.
Shapiro skimmed off $38 million for himself. The SEC claims his lifestyle included "a $5 million home in Miami Beach, a $1 million boat, luxury cars, expensive clothes, high-stakes gambling, and season tickets to premium sporting events."
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