'Operation Broken Trust' Targets Hundreds In Financial Fraud Sweep, Seeking Billions: "In one case in Texas, an oil and gas investment Ponzi scheme defrauded 7,700 investors of more than $485 million. In another case, in Chicago, the operator of a Ponzi scheme victimized elderly Italian immigrants and hundreds of others after promising them annual returns of 10 to 15 percent.
Seventy-five investors lost $89 million in a Ponzi scheme in Florida. Nevin Shapiro, who pleaded guilty for his role in the scheme, used some of the money to pay illegal sports gambling debts, to buy floor seats at Miami Heat basketball games and to make payments on his yacht and his residence in Miami Beach."
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