Fla. Man Pleads Guilty In $880M Ponzi Scheme

Law360, New York (September 15, 2010, 5:35 PM EDT) -- A Florida man has pled guilty to using a fake grocery wholesale distributing business to defraud investors of $880 million, using the money to pay off gambling debts and hobnob in sporting circles — even buying a pair of diamond-studded handcuffs for a professional athlete.

Nevin Shapiro, 41, former CEO of Capitol Investments USA Inc., pled guilty Wednesday in the U.S. District Court for the District of New Jersey to one count of securities fraud and one count of money laundering, the U.S. attorney's office for...
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