Fraud In Academia

Andres Pimstein, 48, and four other Jewish University administrators, admit using the University of Miami facilities to run a Ponzi scheme. People across the country lost an estimated $30 million in the scheme, which collapsed this year.
 
Pimstein had a joint bank account with the university's director of contract administration, Alan Weber, according to bank records. Black said investor meetings were held in a UM conference room used by Weber, and as many as three dozen current and former UM employees -- including two former senior university officials besides Weber -- bought into Pimstein's operation.
  
Pimstein has refused comment. When asked whether he was a con man, Pimstein said, "I don't have an answer for that."

But Miami-Dade County police said that Pimstein admitted to the scheme in a taped interview and that the tape is now in the hands of the FBI.

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