Sign In | Create an Account | Welcome, . My Account | Logout | Subscribe | Submit News | Staff Contacts | Home RSS
 
 
 

2 more plead guilty in Florida-based Ponzi scheme

April 4, 2011
Cape Coral Daily Breeze

NEWARK, N.J. (AP) - A father and son connected to a massive Ponzi scheme in Florida have pleaded guilty.

New York resident Roberto Torres and son Alejandro, of Boca Raton, Fla., appeared in federal court in Newark on Monday. Both men pleaded guilty to one count of securities fraud.

Roberto Torres was the chief financial officer of Florida-based Capitol Investments USA and his son was an accountant with the company. Capitol was run by Nevin Shapiro, who pleaded guilty last fall to securities fraud and money laundering.

Prosecutors say Shapiro raised nearly $900 million by telling investors they were investing in a wholesale grocery distribution business.

Instead, he allegedly took $23 million in salary and commissions for himself and spent lavishly on a mansion, luxury cars and courtside seats at Miami Heat basketball games.

 
 

 

I am looking for:
in:
News, Blogs & Events Web