Fla. Man Indicted In $880M Grocery Ponzi Scheme

Law360, New York (July 16, 2010, 3:48 PM EDT) -- A federal grand jury has indicted a Florida businessman for allegedly using a fake grocery wholesale distributor to defraud more than 60 investors of $880 million.

Nevin Shapiro, former CEO of Capitol Investments USA Inc., faces one count of securities fraud, two counts of wire fraud, two counts of money laundering, and one count of conspiracy to commit securities and wire fraud in the U.S. District Court for the District of New Jersey.

In April the U.S. Securities and Exchanges Commission brought civil charges against Shapiro...
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