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Miami agrees to repay $83,000 in donations made by former booster Nevin Shapiro
CORAL GABLES, Fla. (AP) ' Court records show the University of Miami has agreed to repay $83,000 in money received from former booster and convicted Ponzi scheme architect Nevin Shapiro.
That figure includes $3,000 in penalties levied by the NCAA on eleven current Miami athletes who received money from Shapiro. It also completes the university's obligations in the Shapiro bankruptcy case.
Shapiro is serving a 20-year term for running what federal officials say was a $930 million Ponzi scheme. Bankruptcy proceedings designed to recover at least some of the money that investors lost were initiated in 2009.
The university is being investigated by the NCAA for how it handled its dealings with Shapiro, and may face sanctions when that inquiry is complete.