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.
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