SEC Charges Prominent Miami Beach Businessman in $900 Million Ponzi Scheme

From the Security and Exchange Commission

The SEC alleges that Nevin K. Shapiro, the founder and president of Capitol Investments USA, Inc., sold investors securities that he claimed would fund Capitol’s grocery diverting business. Shapiro told investors that the securities were risk-free with rates of return as high as 26 percent annually.

This CNN article has a few more details.

Ponzi schemes are still out there. It was just over a year ago when the SEC shut down the Caribbean-based Millennium Bank for running a CD ponzi scheme (see post).