PI Undercovers Link Between UM and Ponzi Scheme

It was a way to make a lot of money with big returns promised. But it's now confirmed the FBI is investigating an international investment scheme that allegedly scammed more than $30-million. That investigation has led to an unlikely place – the University of Miami, one of the nations leading research schools.

Investigators and alleged victims say the computers, employees and offices on the campus were used in a massive fraud scheme that lost investors tens of millions of dollars.

"Accountants, lawyers, retired law enforcement officers, business people, it's a shame," said Wayne Black, a private investigator. "Some dipped into their 401K for the quick turn around."

Those investors say the scheme, complete with detailed flow charts and fake invoices, was masterminded by Andres Pimstein, a UM business school graduate. Court papers from lawsuits against Pimstein outline how the scheme allegedly worked.