I would assume he used most of the money paying those earlier investors so that new investors would come in. You know, a classic pyramid.
Oliver Barry, CRS, GRI Real Estate Broker Bob Parks, LLC 1517 Hunt Club Blvd Gallatin TN 37066 615-972-4239 615-826-4040 Sent from my iPhone On Aug 22, 2011, at 11:04 AM, John Vega <[email protected]> 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
