Defendant pleads guilty in NJ in $880M fraud case
Criminal Law
A Florida man has pleaded guilty in New Jersey to running a multistate Ponzi scheme that prosecutors say left investors with about $80 million in losses.
Nevin Shapiro admitted in a Newark federal courtroom Wednesday to using Florida-based Capitol Investments USA Inc. to raise nearly $900 million from investors who thought they were buying into a wholesale grocery distribution business.
Prosecutors say Shapiro used the proceeds instead to fund a lifestyle so lavish, he has a university athletic lounge named after him.
Prosecutors say Shapiro left at least 60 investors in Florida, Indiana and New Jersey with millions in losses. He could face up to 17 years in prison.
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