Published: Aug 23, 2010 6:36 PM EDT
Updated: Aug 23, 2010 3:36 PM EDT

NEWARK, N.J. (AP) - A Florida man accused of running a $880 million Ponzi scheme may have reached a deal with federal prosecutors.

Nevin Shapiro is due in court Sept. 15 for a plea agreement hearing on money laundering and securities fraud charges.

Prosecutors say the 41-year-old Miami Beach resident used a Florida-based company called Capitol Investments USA Inc., to raise nearly $900 million from investors who thought they were buying into a wholesale grocery distribution business.

Instead, prosecutors say Shapiro left at least 60 investors in Florida, Indiana and New Jersey with about $80 million in losses after the scheme collapsed.

A message left Monday for his attorney was not immediately returned.

A spokeswoman for the U.S. Attorney's Office declined to comment.