The University of Miami: a leading research facility and home to bikini-clad coeds. Recently, this haven of education and eye-candy took on a more sinister role, though, when a former business school grad used the campus for a diabolical scheme.
 

Andres Pimstein held meetings in UM conference rooms and involved employees of the school in order to operate a Ponzi scheme – a fake investment company that pays early investors with the money from later investors, instead of with profits. In the end, investors lost tens of millions of dollars.
 

Sound confusing? It is. But CBS4 in Miami sheds a little light on just how the ploy worked:

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.

Pimstein allegedly told investors he was running a company called "The Bottom Line of South Florida," selling perfumes and electronics to a big department store chain in South America called Ripley. There is no indication the chain knew anything about the alleged scam. Instead, investigators say the Ponzi scheme was paying off early investors with late investor's money.
 

So what does the mastermind behind the bogus business have to say for himself? According to CNN, when asked whether he was a con man, Pimstein said, “I don’t have an answer for that.”
 

Con man? Nah. Just honesty-when-it-comes-to-taking-people's-money challenged.