What is Nevin Shapiro's net worth?
Nevin Shapiro is an American Ponzi scheme operator and former University of Miami booster who has a net worth of -$82 million. Nevin Shapiro is a former Miami-based businessman and University of Miami booster who gained notoriety for his involvement in a major college sports scandal. Shapiro grew up in Brooklyn, New York, and later moved to Miami, where he started his own business, Capitol Investments USA Inc. In the early 2000s, Shapiro became heavily involved in the University of Miami's athletic program, donating millions of dollars to the school and befriending many of its athletes and coaches.
However, in 2010, Shapiro's world came crashing down when he was arrested and charged with running a $930 million Ponzi scheme. As part of his plea deal with prosecutors, Shapiro admitted to defrauding investors and was sentenced to 20 years in prison. But that was just the beginning of his legal troubles.
In 2011, Shapiro made headlines again when it was revealed that he had provided impermissible benefits to numerous University of Miami football and basketball players over the course of several years. The benefits included cash payments, gifts, and other perks, and were estimated to be worth hundreds of thousands of dollars.
The NCAA launched an investigation into the matter, and in 2013, the University of Miami was hit with severe sanctions, including a reduction in scholarships, a bowl ban, and probation. Several coaches and administrators were also implicated in the scandal, and some lost their jobs as a result.
Shapiro's role in the scandal was widely condemned, with many calling him a "rogue booster" and a symbol of the corrupting influence of money in college sports. However, others argued that the NCAA's rules and regulations were partly to blame, as they created a system that made it difficult for athletes to earn money while also prohibiting them from accepting certain types of gifts and benefits.
Early Life
Nevin Shapiro was born on April 13, 1969 in Brooklyn, New York. After his parents divorced, Nevin and his single-mother moved from Brooklyn to Miami. He graduated from Miami Beach Senior High School in 1986. One of his classmates was future "Rush Hour" director Brett Ratner.
As a kid growing up in Miami, Nevin was obsessed with the Hurricanes football team. Despite being obsessed with the Hurricanes football team and Miami in general, Nevin's family forced him to go to the University of South Florida in Tampa, a much cheaper public school compared to the private University of Miami.
Unfortunately, Nevin's time at USF did not end well. In 1990, when he was a senior, Nevin was expelled after he allegedly cold-cocked a student referee during an intramural flag football game.
Capital Investments USA
In 2000, Nevin started the company that would make him a Miami hotshot and future convicted felon. Capital Investments USA supposedly bought wholesale groceries, and flipped them in more expensive markets for a profit. It was revealed in court documents many years later that Nevin never actually re-sold any of the groceries. But somehow he managed to purchase a seemingly-successful life.
Nevin appeared successful enough such that in 2003 he convinced a Chicago real estate tycoon, an investment banker from New Jersey and a Florida real estate baron to invest millions into Capital Investments USA. Not only that, the three new investors began funneling their rich friends straight into the hands of Nevin Shapiro.
High Life
With money flowing in like sunshine on a Miami Beach, Nevin started to live the high life. His bar tabs at South Beach clubs and bars were legendary. He thought nothing of spending $20,000, $30,000 or more on a single night out on the town. Years later, court documents would reveal that he was spending $25,000 every weekend gambling on college football. Between 2005 and 2009 alone, he lost an estimated $5 million gambling on sports. He even allowed a girlfriend he had only known briefly to rack up $116,000 worth of credit card debt shopping for clothes and jewelry. He spent $100,000 a year for Miami Heat floor seats.
In 2005, Nevin purchased an $8 million water-front mansion in Miami that came with a $50,000 per month mortgage. Also in 2005, Nevin donated $150,000 to the University of Miami (a school he did not attend) to have the new student lounge named in his honor. Through his generosity and partying, He became friends with famous athletes like Shaquille O'Neal, Kevin Garnett and Dwyane Wade. He bought a yacht. He gave out diamond-encrusted jewelry just for fun to people he barely knew.
According to court documents, between 2002 and 2010, he spent over $2 million on gifts for Miami's football and basketball programs. In return, the team invited Nevin to all of its VIP events. They even allowed him to fly with the team plane coming back from away games. They even allowed him to lead the team out of the home tunnel. TWICE.
Arrest and Conviction
In April 2010, Nevin was charged with securities fraud and money laundering. In total, the FBI claimed that Nevin orchestrated a $930 million Ponzi scheme. They also showed how Nevin used approximately $38 million worth of client money on personal expenses between 2005 and 2009. Nevin pled guilty in September 2010 and is currently serving 20 years in federal prison.
