Investors in Nevin Shapiro’s Capitol Investments USA, which was promoted as a “no-risk” grocery diverting business, were getting fed up 2½ years ago. Regular returns had stopped from the self-made Miami Beach millionaire.
What they didn’t know was their money ended up in the hands of bookies and lenders charging loan-shark interest rates, according to court documents. Some had dipped into all of their retirement savings to invest into Shapiro’s company, only to find out later he used their money to lavish gifts upon University of Miami athletes. Shapiro also acknowledges diverting Capitol Investments money to a company called China Glass USA. Both listed the same Miami Beach address.
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