Good question. I'm sure he used some of it to pay the early investors
from the later investors. That is an AWFUL lot of money.
On 8/22/2011 12:04 PM, John Vega wrote:
Has anyone seen an explanation of how Shapiro went through $930
million, so much so that he asked players to pay his legal expenses
and UM to give his 50K back?
At most, I can account for maybe 10 million (that assumes 2 to 3
million in "benefits" to UM and its players); and the home and yacht
presumably held some of their value.
-Zeb
On Aug 22, 2011, at 7:16 AM, JunoGator wrote:
Shapiro, who is serving a 20-year sentence for cheating investors in
a $930 million Ponzi scheme, said he was a UM sugar daddy, providing
cash, jewelry, cars, prostitutes, strippers, booze, meals and game
bounties to Hurricane athletes.
Initial clues: Shapiro, 42, was young, rich, flashy and glib. He
threw parties at his $6 million waterfront home, on his $1.5 million
yacht and at South Beach clubs. He was panting to rub shoulders with
brawny star athletes.
Another hint: Shapiro is 5-5. No offense to short people — listen to
Randy Newman’s song — but Shapiro was a wannabe athlete. Those who
can’t play, cheer. Or compensate by hanging out with Shaquille
O’Neal, who once picked up Shapiro and hoisted him over his head like
a dumbbell.
The clincher: We’re in Miami, remember? Situated at the bottom of the
peninsula, this is the drain where scammers circle. Where
blood-suckers such as Shapiro thrive like mosquitoes.
There were lots of red flags, but Shapiro told Yahoo! Sports he was a
loyal UM booster — who got his name engraved on a student lounge
plaque — for nine years. He cited illegal benefits to 72 current and
former Hurricanes. As an elite contributor who pledged $150,000, he
got football sideline passes! Seats on the team’s charter! Basketball
practice access! Scoreboard recognition! Chalk talk with coaches!
--
GATORS: ONE VOICE ON SATURDAY - NO VOICE ON SUNDAY!
1996 National Football Champions | 2006 National Basketball Champions
2006 National Football Champions | 2007 National Basketball Champions
2008 National Football Champions |
Three Heisman Trophy winners: Steve Spurrier (1966), Danny Wuerffel
(1996),
Tim Tebow (2007) - Visit our website at www.gatornet.us
--
GATORS: ONE VOICE ON SATURDAY - NO VOICE ON SUNDAY!
1996 National Football Champions | 2006 National Basketball Champions
2006 National Football Champions | 2007 National Basketball Champions
2008 National Football Champions |
Three Heisman Trophy winners: Steve Spurrier (1966), Danny Wuerffel (1996),
Tim Tebow (2007) - Visit our website at www.gatornet.us
