|Published:||Apr 21, 2010 8:28 PM EDT|
|Updated:||Apr 21, 2010 8:28 PM EDT|
Federal prosecutors say a Florida man accused of running a $880 million Ponzi scheme once gave a professional athlete diamond-studded handcuffs.
Nevin Shapiro is due in a Newark federal courtroom Wednesday for an initial appearance and bail hearing on charges of bilking investors in New Jersey and elsewhere.
Prosecutors say Shapiro raised millions from at least 60 investors through a Florida-based company called Capitol
Investments, USA, Incorporated.
According to court documents, investors thought they were financing a wholesale grocery distribution business. Authorities say Shapiro had no legitimate business holdings.
Shapiro's lawyer says they'll comment on the charges in court.
Prosecutors claim Shapiro used at least $35 million for personal expenses, including NBA tickets and the handcuffs to an unnamed player.
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