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.

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.

Victor Gonzalez, a real estate investor, said he paid in $2 million when he heard Pimstein was offering an 18-percent return. Now he doubts he will ever see that money again.

Other investors likely won’t either. Overall, investigators tell CNN investors lost some $30-million.

“This Ponzi scheme grew like a virus,” said Black.

Gonzalez hired Wayne Black, a former public corruption supervisor in Miami who now owns a private investigation firm. Black found the links between the investment scheme and the University of Miami.

“Pimstein was able to convince a couple people there to use their computers to control the bank accounts that he laundered money through,” said Black.

Black said several university computers were used to monitor the bank accounts and as many as three dozen investors worked for UM, including two former senior officials of the school. CNN learned Pimstein even had a joint bank account with the university’s director of contract administration, a man named Alan Weber.

“One time we met, just me, Pimstein and Weber at the University of Miami conference room. It was specifics about what the interest rate was going to be. The wanted me to be on the board of directors of this company,” said Gonzalez.

But Weber’s wife told CNN her husband was also a victim, and no longer works for UM.

UM released the following statement in response to the investigation:

“The University has been made aware that authorities are investigating an investment program involving a few current or former employees who participated as personal investors. University funds are not involved. The University will cooperate fully with the investigation.”

CNN reports it did have one interview set up with an employee at the University of Miami who said she lost $25-thousand. CNN says at the last minute she cancelled the interview saying university officials told her she’s not allowed to talk to CNN about her case.

Victor Gonzalez said he probably won’t ever get his money back and can’t believe Pimstein convinced so many people to invest.

CNN reports they tried to ask Andres Pimstein about what happened, but he said his attorney told him not to comment. When CNN asked him who his attorney was, Pimstein allegedly declined to say. An FBI spokeswoman confirmed the agency is investigating this entire scheme. Beyond that, she reportedly gave no other details. Miami Dade police told CNN Pimstein confessed on tape to the entire Ponzi scheme and that confession is now in the hands of the FBI. The FBI spokeswoman would not confirm that they had received the confession.