Nevin Shapiro, 41, allegedly ran a $880 million Ponzi scheme across three states that tricked dozens of investors and paid for a life of luxury, authorities said.
According to the criminal complaint, Shapiro used the money to buy a $5 million home in Miami Beach, Florida, along with a $1.5 million yacht, floor seats to watch the Miami Heat, as well as expensive clothes and cars.
Shapiro allegedly told investors they were financing a grocery distribution business. The story sounded legit except Shapiro didn't have any business holdings, according to prosecutors.
The trail of victims led authorities to New Jersey, Florida and Indiana.
Shapiro turned himself into authorities in New Jersey on Wednesday.
The Securities and Exchange Commission and the U.S. Attorney's Office in New Jersey have charged him with fraud.
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