Another one of those who had their sentences commuted by President Joe Biden was notorious University of Miami booster and convicted Ponzi schemer Nevin Shapiro.
Shapiro was convicted of a Ponzi scheme that raked in nearly a billion dollars in 2010 after he bilked thousands of people who invested in his fake company, Capital Investments.
His crimes included creating fake documents purportedly showing how CI made tens of millions a year from owning and operating a nonexistent grocery wholesale business. He was convicted and handed a 20-year prison sentence in 2010.
Meanwhile, Shapiro was spending $400,000 for floor seats to watch the Miami Heat, $26,000 a month on rent for his home in Miami Beach, a $1.5 million yacht, expensive cars, and other luxuries.
He reportedly hobnobbed with NBA players such as Shaquille O’Neal, Dwyane Wade, and Kevin Garnett.
Shapiro also worked closely with the University of Miami, pledging $150,000 to help the school build a student lounge in his name.
The convicted felon also got caught up in doling out impermissible benefits to players for nearly a decade to boost the university’s sports programs, mostly Hurricanes football.
While there were never any legal charges, the school eventually suffered under a series of penalties for violating NCAA rules. The school lost scholarships, suffered setbacks in recruiting, and was hit with various suspensions.
Shapiro was already let out of jail in 2020 thanks to COVID policies and was serving the rest of his sentence under house arrest. But now, according to TMZ, that is all behind him after Biden has canceled the rest of his sentence.
Shapiro has still made no effort to repay any of the $82,657,362.29 he owes his victims.
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