Former University of Miami booster Nevin Shapiro, who was at the center of a $930 million Ponzi scheme and NCAA sanctions against the university, has had his sentence commuted by President Joe Biden. Shapiro, convicted of federal security fraud and money laundering over a decade ago, was one of nearly 1,500 individuals to receive clemency in a round of commutations announced this week. CBS News reports that Shapiro's commutation comes after he was convicted and ordered to pay nearly $83 million in restitution.
Shapiro, now 55, was sentenced to 20 years in federal prison in 2011 for orchestrating the Ponzi scheme through his company, Capitol Investments USA, which was supposed to deal in wholesale groceries. Instead, it became infamous for the lavish gifts and benefits Shapiro provided to high-profile University of Miami athletes. Amid an NCAA investigation, Shapiro told the NCAA that he had given $170,000 in improper gifts to athletes and sought to involve football players with a startup sports agency. According to CBS News, the NCAA found that the university had lacked institutional control, which ultimately led to sanctions against the school.
While serving his prison term, Shapiro was transferred to home confinement in 2020 as part of a COVID-19 pandemic relief effort led by then-U.S. Attorney General William Barr aimed at reducing prison populations and protecting at-risk inmates. Shapiro was deemed eligible for release due to his medical conditions and having served over half his sentence. Since his commutation, Shapiro has expressed his gratitude, saying, "I would also like to express my appreciation to President Biden and his administration for their role in making this possible," in a statement obtained by NBC Miami. He added, "There are still aspects of my case that have not been fully addressed. In the coming months, I believe important facts will come to light that the public has yet to learn. I take accountability for my actions to the extent that I can, but I also recognize that there are deeper issues at play involving others who may have withheld the truth for their own reasons. I hope that these matters will be clarified in the near future."
During his time as a UM booster, Shapiro made significant contributions to the university's athletics program, totaling roughly $500,000 from 2001 through 2008. His involvement went beyond financial support as he also offered luxurious perks to players, like plane rides and hotel suites for prospective athletes. His engagement raised questions about ethical standards and the influence of money in collegiate sports, with allegations of him providing athletes with prostitutes and even funding an abortion for a player surfacing in a 2011 Yahoo! Sports report.
