Podcast: Play in new window | Download (Duration: 6:47 — 9.3MB)
Nevin Shapiro had what many would consider a great life. He drove nice cars, had a beautiful home in Miami Beach, and spent his nights partying with famous athletes like Shaquille O’Neal. Shapiro was living the high life, and people assumed his high-roller lifestyle was funded by his business, Capitol Investments.
But, Shapiro’s business hadn’t conducted operations in years. The money was actually coming from investors who didn’t realize that their money was being used to pay old investors. That’s right, it was a Ponzi scheme. A $900 million dollar Ponzi scheme.
