Nevin Shapiro, the South Beach architect of a $880 million Ponzi scheme, will have to endure another few weeks of Jersey lockup before learning his punishment. His sentencing, which was originally scheduled for this week, has been postponed until Valentine's Day, says Rebekah Carmichael, a spokeswoman for the U.S. Attorney's Office in New Jersey.
Shapiro pleaded guilty in September to one count of securities fraud and one count of money laundering after turning his wholesale grocery business into a Ponzi.
As you can read in our feature on Shapiro's crime, he used the $35 million he diverted from the fraud to fund a lavish SoBe lifestyle and to donate large sums to the University of Miami athletic program.
He faces up to 20 years in prison plus a $5 million fine for the securities fraud and as much as ten years and a $250,000 loss for money laundering.
His sentencing is now scheduled for 10:30 a.m. on February 14, Carmichael says.
Keep Miami New Times Free... Since we started Miami New Times, it has been defined as the free, independent voice of Miami, and we would like to keep it that way. Offering our readers free access to incisive coverage of local news, food and culture. Producing stories on everything from political scandals to the hottest new bands, with gutsy reporting, stylish writing, and staffers who've won everything from the Society of Professional Journalists' Sigma Delta Chi feature-writing award to the Casey Medal for Meritorious Journalism. But with local journalism's existence under siege and advertising revenue setbacks having a larger impact, it is important now more than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" membership program, allowing us to keep covering Miami with no paywalls.