Lawyer News
Today's Date: U.S. Attorney News Feed
Defendant pleads guilty in NJ in $880M fraud case
Court Feed News | 2010/09/16 15:31

A Florida man known for his sports-related philanthropy pleaded guilty Wednesday to running a multistate Ponzi scheme that prosecutors say left investors with up to $100 million in losses.

Nevin Shapiro pleaded guilty in New Jersey federal court to one count of securities fraud and one count of money laundering as part of an agreement that still has him facing up to 17 years in prison at his Jan. 4 sentencing.

Prosecutors say 41-year-old Shapiro of Miami Beach, used a Florida-based company called Capitol Investments, USA, Inc., to raise nearly $900 million from investors who thought they were buying into a wholesale grocery distribution business.

Charges filed by the Securities and Exchange Commission claim Shapiro promised investors risk-free annual returns as high as 26 percent by persuading them to invest in a "grocery diversion" enterprise — a practice of buying low-cost groceries in one region of the country and reselling them in higher-priced markets.

Shapiro allegedly siphoned at least $35 million of the proceeds for personal use, including $23 million for salaries and commissions for himself, $5 million for a Miami Beach mansion and $400,000 for courtside Miami Heat basketball tickets. He also spent lavishly on luxury cars, a high-stakes gambling habit, and a pair of diamond-studded handcuffs given to an unnamed prominent athlete, according to court documents.



[PREV] [1] ..[3150][3151][3152][3153][3154][3155][3156][3157][3158].. [7609] [NEXT]
   Lawyer News Menu
All
Lawyer Blog News
Court Feed News
Business Law Info
Class Action News
Criminal Law Updates
Employment Law
U.S. Legal News
Legal Career News
Headline News
Law & Politics
Attorney Blogs
Lawyer News
Law Firm Press
Law Firm News
Attorneys News
Legal World News
2008 Metrolink Crash
   Lawyer News Video
   Recent Lawyer News Updates
New Hampshire courts hear 2 ..
PA high court orders countie..
Tight US House races in Cali..
Election 2024 highlights: Re..
North Carolina Attorney Gene..
Republicans take Senate majo..
Au pair charged in double ho..
A man who threatened to kill..
Ford cuts 2024 earnings guid..
Kenya’s deputy president pl..
South Korean court acquits f..
Sean ‘Diddy’ Combs to stay..
Supreme Court grapples with ..
Georgia Supreme Court restor..
Court declines Biden’s appe..
Supreme Court will weigh Mex..
Supreme Court leaves in plac..
New rules regarding election..
North Carolina appeals court..
A court in Argentina orders ..
   Lawyer & Law Firm Links
St. Louis Missouri Criminal Defense Lawyer
St. Charles DUI Attorney
www.lynchlawonline.com
Family Law in East Greenwich, RI
Divorce Lawyer - Erica S. Janton
www.jantonfamilylaw.com/about
San Francisco Trademark Lawyer
San Francisco Copyright Lawyer
www.onulawfirm.com
Raleigh, NC Business Lawyer
www.rothlawgroup.com
Oregon DUI Law Attorney
Eugene DUI Lawyer. Criminal Defense Law
www.mjmlawoffice.com
New York Adoption Lawyers
New York Foster Care Lawyers
Adoption Pre-Certification
www.lawrsm.com
Legal Document Services in Los Angeles, CA
Best Legal Document Preparation
www.tllsg.com
Connecticut Special Education Lawyer
www.fortelawgroup.com
Family Lawyer Rockville Maryland
Divorce lawyer rockville
familylawyersmd.com
© Lawyer News - Law Firm News & Press Releases. All rights reserved.

Attorney News- Find the latest lawyer and law firm news and information. We provide information that surround the activities and careers in the legal industry. We promote legal services, law firms, attorneys as well as news in the legal industry. Review tips and up to date legal news. With up to date legal articles leading the way as a top resource for attorneys and legal practitioners. | Affordable Law Firm Website Design