Fla man accused in NJ of running $880 million Ponzi scheme

Fla man charged in NJ with Ponzi scheme

NEWARK, N.J. — A federal judge in New Jersey is considering setting bail at $10 million for a Florida man accused of creating an $880 million Ponzi scheme used to bilk money from investors in three states.

Prosecutors say 41-year-old Nevin Shapiro scammed millions from at least 60 investors in Florida, Indiana and New Jersey.

Shapiro made his first court appearance Wednesday in a New Jersey courtroom. Bail was due to be set at the hearing in Newark, but a final decision has not been made.

Prosecutors claim Shapiro used at least $35 million to finance a lavish lifestyle that included buying diamond-studded handcuffs as a gift for a professional athlete.

According to court documents, investors thought they were financing a wholesale grocery distribution business, but Shapiro had no legitimate business holdings.