Defendant pleads guilty in NJ in $880M fraud case

National News

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.

Related listings

  • Officials rescue 37 immigrants from Calif. house

    Officials rescue 37 immigrants from Calif. house

    National News 09/09/2010

    Immigration authorities have rescued more than three dozen immigrants who were locked inside a sweltering boarded-up bedroom in a Southern California house.Immigration and Customs Enforcement officials said Wednesday some of the 37 immigrants from si...

  • Court won't force Calif officials to defend Prop 8

    Court won't force Calif officials to defend Prop 8

    National News 09/02/2010

    A California court has refused to order Gov. Arnold Schwarzenegger and Attorney General Jerry Brown to appeal a ruling that overturned the state's gay marriage ban.The 3rd District Court of Appeal on Wednesday denied a conservative legal group's requ...

  • Thousands sign on for $10 billion BP suit

    Thousands sign on for $10 billion BP suit

    National News 08/30/2010

    The revelation that BP's Texas City refinery emitted toxic benzene for more than a month has ignited a furor in the port community that has suffered its share of deadly industrial accidents and toxic spills.Thousands of residents who fear they may ha...

East Greenwich, RI Family Law Office

The Law Office of Erica S. Janton offers a wide range of legal services in all areas of family law, encompassing divorce, paternity, adoption, child support, child custody and placement, post judgment modifications, mediation and other related issues.

Erica S. Janton has extensive experience in complex high asset and high conflict family law matters. For the last decade, Erica S. Janton has devoted her career to the family law, first as a mediator and then in her legal career as a family law attorney and mediator. Attorney Janton represents a large variety of clients and has earned a well-regarded reputation for resolving complex custody and high asset, high conflict divorce cases. When providing clients with representation as an attorney, she is a compassionate and staunch advocate who ensures that her clients are well informed of their options and the related process, and prepared for every possible scenario a client may encounter.

Erica S. Janton has extensive experience in complex high asset and high conflict family law matters and uses her experience within the family court arena to individually tailor strategies with each of her clients and provide realistic solution focused results.

Business News

Surry County Criminal Defense Lawyers. At DiRusso & DiRusso, we have the legal knowledge and experience to protect you. >> read
Canton, MI Criminal Law Attorney Rita White is a metro Detroit area attorney with a focus on criminal defense. >> read