Remember Nevin Shapiro? He’s the guy we named the Greatest Ponzi Schemer of All Time last August, over all other Ponzi schemers, Bernie included. While Madoff would have won if we were judging based on size alone, we weren’t. Shapiro took home the title because 1) with his ill-gotten gains, he made a name for himself in the University of Miami community and 2) he subsequently kicked things up a notch after being sent to jail, where he chose to fuck the Hurricanes’ football program raw, detailing the boatloads of prostitutes he bought for players (“I had the boat for prostitution situations”), the lavish meals he would treat them to at Benihanas, the “hit of the game” (Shapiro “put bounties on specific players, including Florida Gators quarterback Tim Tebow and a three-year standing bounty on Seminoles quarterback Chris Rix from 2002 to 2004, offering $5,000 to any player who knocked him out of a game”) and the dancer he gave $500 to have an abortion after she got knocked up by one of the athletes who he kept in the dark about the pregnancy (“I was doing him a favor–that idiot might have wanted to keep [the baby]”). Anyway, Nevs was pretty, pretty, pretty angry that none of his so-called boys stuck by him after the Ponzi charges came out, hence the disclosing of the hookers, etc and, apparently, he’s not finished letting everyone know how he feels. Read more »
Who is the greatest Ponzi schemer of our generation? If we’re evaluating on the basis of sheer size, Bernie Madoff is the obvious answer. But as many of you know, size can only get you so far in life- it’s what you do with what you’ve got that matters. And Berns really didn’t do anything all that exciting with his ill-gotten gains. He bought a bunch of homes, yes, but his primary residence faced Lexington and from what we can tell, he didn’t buy anything that interesting with his cash. Same goes for most other scams- funds are spent on cars, maybe some jewelry, maybe some prostitutes, maybe some Teddy Bears. Frankly, from an investor stand point, it’s a little insulting- if you’re going to rip people off, at least do something real with the money. Make a name for yourself. Penetrate a community like never before. Follow in the footsteps of Nevin Shapiro.
Nevin, and you can quote us on this, became the frontrunner for greatest Ponzi schemer of our time when, from a jail cell, he chose to fuck the University of Miami football program raw, not unlike the players who he arranged prostitutes for over an 8 year period. How did he claim such a tittle? What steps should budding Ponzi schemers hoping to make a name for themselves be taking notes on? Read more »
Shapiro, who liked to hang out with pro athletes, was arrested last week on charges of running a $900 million Ponzi scheme. He promised investors annual returns of as much as 25 percent from buying cheap groceries in one region and selling them in another locale where prices were higher. In a press release last week, prosecutors said Shapiro gave the cuffs to a “prominent professional athlete.” Read more »
Reminds you of the Seinfeld episode when Kramer and Newman decided to collect empty bottles in New York and drive them to Michigan to get the extra deposit money. But, that’s exactly what Nevin Shapiro, a 41-year-old Miami Beach businessman, did from 2004 until the feds caught up with him.
Shapiro turned himself in to authorities in New Jersey (we’re not sure what he was doing in Newark) this morning and has been charged with civil fraud by the Securities and Exchange Commission. (read the SEC complaint.) Under the name, Capital Investments USA Inc., Shapiro ran a classic Ponzi scheme, collecting cash from hundreds of Floridians with new investors going to pay off old ones. Read more »