Blog Entry

Barry Alvarez, son lost $1M in Shapiro scheme

Posted on: August 18, 2011 10:45 am
Edited on: August 18, 2011 10:51 am
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Posted by Chip Patterson

As the dust begins to settle from the initial shock of the Yahoo! investigative report on Miami football, some of the details regarding Nevin Shapiro are beginning to rise to the surface. Among them, who had this well-connected booster involved in his wholesale grocery Ponzi scheme that landed him 20 years behind bars?

One of them is Wisconsin athletic director Barry Alvarez.

Alvarez and his wife, Cynthia, reportedly lost $600,000 by investing in Shapiro's company. Their son, Chad, also claimed he lost $400,000 in the scheme. The Herald reports rumors that the Wisconsin AD may have been introduced to Shapiro by Miami president Donna Shalala, former president at UW.

That rumor was squashed by a Miami attorney who represents the bankruptcy trustee on the case. Court papers instead list one of Shapiro's investors in Naples as the connect between the booster and the Alvarez family.  The athletic director released a statement on Thursday.

“Like dozens of others, I was introduced by a friend several years ago to an investment opportunity with Capital Investments USA, Inc., which was the company being run by Mr. Shapiro," Alvarez said.  "I was introduced to Mr. Shapiro on one occasion over the years, but had no contact with him outside that one introduction. 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.”

As Shapiro's status rises with the NCAA investigation, chances are more well-known names will be attached to his $930 million scheme. As someone who spent a lot of money to get to college football's inside circle, he likely had numerous opportunities to run his con on powerful people with money to spend.
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Comments

Since: Dec 27, 2007
Posted on: August 18, 2011 1:00 pm
 

Barry Alvarez, son lost $1M in Shapiro scheme

You knew Alvarez wasn't too smart if he was at Wisconsin.
Too funny. Not only is it a good school, but he's made it into a top football power in the Big Ten. Barry also was a great D-coordinator @ Notre Dame winning a national title there.

Bright ppl get swindled too. There are a littany of Harvard and Yale grads who took a bath in various schemes to make money. Barry got taken and his worst decision was associating himself with a dimwit like Shalala.



Since: Feb 8, 2007
Posted on: August 18, 2011 12:57 pm
 

Barry Alvarez, son lost $1M in Shapiro scheme

Excellent! SWIHawk



Since: Dec 27, 2007
Posted on: August 18, 2011 12:56 pm
 

Barry Alvarez, son lost $1M in Shapiro scheme

may have been introduced to Shapiro by Miami president Donna Shalala, former president at UW.
She's a moron and should resign in disgrace.



Since: Dec 12, 2006
Posted on: August 18, 2011 12:35 pm
 

Barry Alvarez, son lost $1M in Shapiro scheme

Did you even read the article?  He used his own money for investment purposes so that he'd be set long-term.

This has nothing to do with the athletic program at UW.




Since: Feb 2, 2009
Posted on: August 18, 2011 12:24 pm
 

Barry Alvarez, son lost $1M in Shapiro scheme


  So hes in bed with Presidents of schools and Athletic Directors... Lets take a look at Badgers program!



Since: Sep 15, 2008
Posted on: August 18, 2011 12:09 pm
 

Barry Alvarez, son lost $1M in Shapiro scheme

i'm just glad he didn't go to miami years ago when Shalala was trying to lure him there.



Since: Jul 15, 2011
Posted on: August 18, 2011 11:42 am
 

Barry Alvarez, son lost $1M in Shapiro scheme

Well, well, well.  Athletic Director at a major university (and his son) invest $1,000,000.00 with dirtbag Nevin Shapiro after being introduced by scumbag Donna Shalala.  Seems as though Athletic Directors have more money than they know what to do with.  Perhaps the solution is to stop paying these worthless parasites who feed on the young athletes and their universities.  Obviously, the NCAA isn't going to regulate them, so maybe the FBI should investigate Interstate Commerce violations because half their salaries are derived from national television.



Since: Dec 8, 2009
Posted on: August 18, 2011 11:37 am
 

Barry Alvarez, son lost $1M in Shapiro scheme

That comment makes no sense whatsoever. It's just ignorant.



Since: Sep 23, 2006
Posted on: August 18, 2011 11:35 am
 

Barry Alvarez, son lost $1M in Shapiro scheme

You knew Alvarez wasn't too smart if he was at Wisconsin.


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