A Florida man used facilities at the University of Miami to run a multimillion-dollar Ponzi scheme and recruited school employees for the operation, angry investors and investigators tell CNN.

Andres Pimstein, a UM business school graduate, has confessed to operating the scheme in which some investors were promised returns of 18 percent, Miami-Dade County police said.

People across the country lost an estimated $30 million in the scheme, which collapsed this year, said Wayne Black, a Miami private investigator hired by one investor.

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