Convicted Ponzi Schemer & Rogue UM Booster Nevin Shapiro Released From Prison
MIAMI (CBSMiami) – Rogue University of Miami athletics booster and convicted Ponzi schemer Nevin Shapiro is out of federal prison, seven years earlier than expected and now in home confinement.
As first reported by Yahoo Sports, Shapiro will be monitored under home confinement where he will serve the rest of his 20-year sentence for fleecing investigators in a $930 million Ponzi scheme.
He was convicted on one count of securities fraud and one count of money laundering, and ordered to pay nearly $83 million in restitution.
He is currently at the home of a family member, according to Yahoo. He must wear an ankle monitor and undergo random drug testing. He will be allowed to have a job, but will have to continue to repay remaining restitution to his victims.
His transfer out of prison comes due to the coronavirus pandemic.
Attorney General William Barr ordered prisons to move some at-risk inmates into home confinement in the face of COVID-19 outbreaks.
Shapiro, 51, met the guidelines for release due to high blood pressure, a heart condition and he has served more than half his sentence. He was scheduled for release in November 2027.
Shapiro sparked an NCAA probe by telling the organization that he plied high-profile UM athletes with $170,000 in gifts and other benefits. He was trying to get football players to sign up with a start-up sports agency he was involved with.
The NCAA did its own investigation and found the University of Miami lacked institutional control.
His shady dealings also led to sanctions against the school.
Upon his release from prison, Shapiro said in a statement, "This has been a life altering experience. I have never stopped thinking about my victims.
I'm looking forward to spending time with my parents who I need to care for. I am looking forward to moving forward with my life."
