Former UM booster, convicted Ponzi schemer Nevin Shapiro released from federal prison
Former University of Miami athletics booster and convicted Ponzi schemer Nevin Shapiro was released from federal prison last Thursday and transferred to home confinement, where he will be monitored and serve the rest of his 20-year sentence.
The transfer came after Attorney General William Barr ordered prison officials to take steps to move some at-risk inmates into home confinement due to the spread of COVID-19 in the prison system. Shapiro, 51, reportedly has high blood pressure and a heart condition, making him higher risk for coronavirus complications.
He was scheduled for release in November 2027.
The news was first reported by Yahoo Sports, which conducted a year-long investigation of Shapiro in 2011, a year after he was convicted on one count of securities fraud and one count of money laundering, and ordered to pay nearly $83 million in restitution for ripping off investors in a $930 million Ponzi scheme.
Shapiro issued a statement to Yahoo Sports upon release from prison.
“This has been a life-altering experience,” Shapiro said. “I have never stopped thinking about my victims and 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.”
The rogue UM booster sparked an NCAA probe by bragging that he showered Hurricane athletes with gifts and favors. Shapiro reportedly spent about $170,000 providing gifts and special benefits to Hurricane athletes and recruits, most of it trying to lure prominent UM football players to sign with the sports agency he was helping launch.
UM self-imposed a two-year bowl ban and voluntarily reduced its recruiting visits. In 2013, the NCAA put the university on probation for three years and took away nine football scholarships and three basketball scholarships.
Shapiro was transferred into the home of a family member, according to Yahoo. He will be required to wear an ankle monitor and will have to undergo random drug testing, He will be allowed to have a job, but will have to continue to repay remaining restitution to his victims.
This story was originally published June 15, 2020 at 7:00 AM.