Nevin Shapiro: What happened to the former Miami Hurricanes booster
Who is Nevin Shapiro? Nevin is a former businessman famous for being a convicted white-collar criminal. He was jailed for being the brains behind a $930 million Ponzi scheme over 8 years as a booster for University of Miami athletes.
Source: Twitter
What did Nevin Shapiro do? The con artist was found guilty of offering football players cash, goods, assorted favours, and even prostitutes, among other crimes. Insane, right? Here is everything you need to know about the convicted felon, including his background details and latest news.
Nevin Shapiro's profile summary
- Full name: Nevin Karey Shapiro
- Date of birth: April 13, 1969
- Place of birth: Brooklyn, New York
- Zodiac sign: Aries
- Nevin Shapiro's age: 52 years old as of 2021
- Nationality: American
- Religion: Raised Jewish
- Mother: Ronnie Shapiro
- Father: Larry Shapiro
- Step-father: Richard Armand Adam
- Schools attended: Miami Beach Senior High School, University of South Florida
- Height: 5 feet, 5 inches tall
- Sexual orientation: Straight
- Relationship status: Single
- Occupation: Former Miami Hurricanes booster cum Con Artist
- Famous for: The 900 million Ponzi scheme
Nevin Shapiro's biography
Shapiro was born in a Jewish family. His parents are Ronnie and Larry. He moved to Miami Beach, Florida, when he was still young (with his mother) after his parents divorced.
Education
Growing up, Nevin was obsessed with the Hurricanes football team. He went to Miami Beach Senior High School, graduating in 1986. In school, he was a member of the wrestling and basketball teams.
His family forced him to join the University of South Florida in Tampa after his mother remarried Richard Armand Adam (who was also convicted of a multimillion-dollar loan scam. Nevin was expelled in 1990 after he allegedly cold-cocked a student referee during an intramural flag football game.
How did Nevin Shapiro make his money?
In 1998, Nevin established Nevco Trading, which shut down the following year after New Jersey sued it for failure to fulfill contract obligations. In 2000, he established Capitol Investments USA to purchase wholesale groceries and ship them to more expensive markets.
However, Shapiro confirmed that the firm never really sold the groceries. Instead, Shapiro's Ponzi scheme attracted investors to Capitol Investments, with the promise that they would make 10%-26% monthly commissions. He paid $12,000 to become an official booster for the University of Miami in 2001.
Capitol Investments grew rapidly in 2003 through links in New Jersey, Chicago, Naples (Florida) and Indianapolis. Nevin instructed others to create and show to the investors documents fraudulently, touting the profitability of Capitol Investments.
The con-artist's lies eventually caught up with him in November 2009 during the late-2000s recession. Chicago real estate investor Sherwin Jarol sued Nevin. Over 60 investors filed claims.
Nevin Shapiro's major league fraud
Source: Twitter
2011 was a big blow to the University of Miami after the dirty dealings they were involved in with Shapiro for several years were revealed. Shapiro revealed that seventy-two athletes received impermissible benefits, some with knowledge or participation from at least seven coaches in both Miami’s football and basketball programs.
The charges
According to the criminal complaint, Karey incurred millions of dollars in debts resulting from illegal gambling at sporting events. He owed approximately $26,000 monthly for mortgage payments on Nevin Shapiro's house in Miami Beach.
American Greed's Nevin Shapiro episode captures the crime committed by Nevin. This 2012 Nevin Shapiro's documentary on CNBC Escape shows how the con artist tried to take down a football dynasty.
Nevin Shapiro in jail
Nevin was charged in New Jersey with money laundering and securities fraud on April 21, 2010. Later on September 15, 2010, he pleaded guilty in U.S. v. Shapiro, 10-cr-00471 to one count of securities fraud and money laundering. On June 7th the following year, Shapiro was sentenced to 20 years in federal prison. He was also ordered to make $82,657,362.29 in restitution.
Nevin Shapiro's book, The Real U: 2001 to 2010: Inside the Eye of the Hurricane, tells how Miami had violated NCAA rules affecting over 100 players and allowing his illegal and unethical behaviour to continue unimpeded for years.
Nevin Shapiro released
Nevin was transferred from the federal prison into home confinement on Thursday, June 11, 2020, seven years earlier than expected. This is because of the federal prison instruction from Attorney General William Barr to move some at-risk inmates into home confinement because of the COVID-19 outbreaks. The 52-year-old Nevin met the criteria for release by demonstrating hypertrophic cardiomyopathy and hypertension, which put him at a higher risk of life-threatening complications.
Where is Nevin Shapiro today?
Karey was transferred into the home of a family member, where he is currently being monitored electronically by the Bureau of Prisons and subjected to a range of BOP guidelines.
Nevin Shapiro's net worth
Source: Twitter
Nevin Shapiro's 2021 net worth, according to Celebrity Net Worth, is -$82 million. While confined at home, he can work on a job that requires approval through the BOP, and what he earns will be garnished to repay the remaining restitution to his victims.
Nevin Shapiro may have been lucky to be released from prison earlier than expected, but he is still serving his sentence. His life story is a real-life confirmation that crime has a price. We hope that he is reformed and that he will pay back all his victims.
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Source: Briefly News
