Nevin Shapiro 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 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. 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. Somehow 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.
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.
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.