Fla. man gets 20 years in investment fraud

June 7, 2011 - 7:45 PM

NEWARK, N.J. (AP) — A Florida man has been sentenced in New Jersey to 20 years in prison in a $100 million investment fraud scheme.

Nevin Shapiro pleaded guilty in September to charges related to running a multistate Ponzi scheme that prosecutors say left investors with nearly $100 million in losses. A federal judge in Newark sentenced Shapiro to prison time and ordered him to pay more than $82 million in restitution.

Shapiro, in handcuffs and prison garb, apologized to his victims.

Prosecutors say the Miami Beach resident used his Capitol Investments USA Inc. to raise cash from investors who thought they were buying into a wholesale grocery distribution business. His attorney sought a lighter sentence, arguing that Shapiro suffers from a gambling addiction.