Alvarez invested in booster’s scheme
Wisconsin athletic director has filed over $1 million in claims
MADISON, Wis. -- Wisconsin athletic director Barry Alvarez is among those claiming to have lost money in a Ponzi scheme run by Nevin Shapiro, the imprisoned former Miami (Fla.) booster at the center of a scandal enveloping the Hurricanes' athletic department.
Court records show Alvarez's family has filed claims against Shapiro's company for at least $1 million.
In a statement Thursday, Alvarez said he invested in Shapiro's company after a friend told him about it several years ago.
"I was introduced to Mr. Shapiro on one occasion over the years, but had no contact with him outside that one introduction," Alvarez said. "Eventually I became aware that the investment I had made was in jeopardy due to Mr. Shapiro's legal troubles. At that point, I retained legal counsel in an effort to recoup the money I had invested. That process is still ongoing."
Shapiro is serving 20 years in federal prison for his role in the $930 million Ponzi scheme. In a Yahoo! Sports story this week, Shapiro said he provided Miami players with cash, prostitutes, cars and other gifts over the past decade.
The NCAA is investigating Shapiro's claims of providing improper benefits to Miami players.