3rd Circ. Backs Fraudster's 20-Year Sentence For $930M Scam

Law360, Los Angeles (December 3, 2012, 5:44 PM EST) -- The Third Circuit on Friday upheld a lower court's decision to vary upward from federal sentencing guidelines in giving a 20-year prison sentence to a man who masterminded a $930 million Ponzi scheme using a fake grocery wholesale distributing business.

Between 2005 and 2009, Nevin Shapiro, of Florida, used his sham company Capitol Investments USA Inc. to run a Ponzi scheme in which he raised more than $930 million from investors nationwide, according to the opinion. Prosecutors had initially estimated the size of Shapiro's Ponzi scheme...
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Case Title

Magistrate judge case number: 


Case Number

2:10-cr-00471

Court

New Jersey

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Date Filed

July 14, 2010

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