Audio By Carbonatix
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.
Follow Miami New Times on Facebook and Twitter @MiamiNewTimes.
