$930 Million Ponzi Scheme
December 14, 2011
A businessman receives the longest sentence ever handed down in a white-collar crime case in the history of New Jersey federal court.
Mollie Halpern: A businessman receives the longest sentence ever handed down in a white-collar crime case in the history of New Jersey federal court.
I’m Mollie Halpern of the FBI, and this is Gotcha. Nevin Shapiro, of Miami Beach, Florida, was sentenced to 20 years in prison for orchestrating a $930 million Ponzi scheme. Shapiro claimed he ran a profitable product diversion business called Capitol Investments, USA. But as case Agents Abigail Weidner and Gregory Yankow discovered when they traced the money...
Gregory M. Yankow: We knew where the money was going; we knew where it wasn’t going. We knew that there was no business from the records.
Halpern: The agents interviewed Shapiro and his employees and were able to get full confessions out of them. Shapiro admitted to using the victims’ money for himself.
Yankow: He had all the toys.
Halpern: More than 70 victims from across the country suffered.
Weidner: He hurt so many people by this.
Halpern: Shapiro was ordered to pay $82 million in restitution as part of the sentence.
This has been the Bureau’s closed case of the week.
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