I don't know the details of his case, but I've seen others. I'm sure it cost plenty to keep the Ponzi scheme going. In addition to repaying earlier investors, he probably spent money on the creation of fraudulent paperwork and other things that made the business appear legit. Possibly he paid big commissions to others who brought him investors. Possibly he paid hush money to associates who knew or suspected he wasn't on the up and up. Possibly he made investments in other businesses. Possibly he has a few million stashed in some foreign bank account. Just some guesses.
On Mon, Aug 22, 2011 at 12:42 PM, mail.bobparks.com <[email protected]>wrote: > 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 > -- Helen Huntley (727) 823-3801 www.helenhuntley.com -- 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
