A Sherman Oaks, California, man has pleaded guilty for leading a $1.3 billion fraud scheme.
Robert Shapiro, 61, pleaded guilty in Miami federal court to wire and mail fraud conspiracy and tax evasion. As part of his plea, Shapiro and his wife will have to forfeit art by Picasso, Chagall and Renoir, more than 600 bottles of vintage wine, a 1969 Mercury convertible, a pair of 14-karat, white gold earrings with two black diamonds, and other luxury items, according to the Justice Department.
The scheme allegedly was run through real estate dealings with at least 2,600 of the 9,000 total victims investing their retirement savings, totaling $400 million. Shapiro will be sentenced in October.