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NEWARK, NJ—The man who brought more individuals than anyone else to invest in Nevin Shapiro’s $930 million Ponzi scheme admitted today to failing to report millions of the more than $12 million in related commissions he received to the Internal Revenue Service (IRS), U.S. Attorney for the District of New Jersey Paul J. Fishman announced.
Largest Recruiter of Investors to $930 Million Ponzi Scheme Admits Lying to the IRS About Millions in Related Income
Seeded on Wed Sep 28, 2011 12:47 PM EDT
Article Source: FBI - U.S. Attorney's Office- Enjoy this article? Help vote it up the 'Vine.
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According to the information to which Williams pleaded guilty and statements made in Newark, N.J., federal court:
Williams was an investor in Capitol, which Shapiro used to solicit approximately $930 million between January 2005 and November 2009 from individuals who believed they were investing in Shapiro’s grocery distribution business. Shapiro has admitted that Capitol had virtually no income generating business during that time, and that he used new investor funds to make principal and interest payments to existing investors, as well as to fund his own lavish lifestyle—including by giving payments and gifts to student and professional athletes. Williams personally invested more than $100 million. Though Williams received more than $7 million in interest payments, he ultimately suffered an overall $3 million loss on his personal investment when the scheme collapsed.
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