facebook
twitter
rss
account
search
search
 

'Ponzi' lawyer gets 100 years in huge scam

Jan. 28, 2010 at 1:28 PM   |   Comments

FORT LAUDERDALE, Fla., Jan. 28 (UPI) -- Former Florida attorney Scott Rothstein, facing up to 100 years in prison for a huge investment scam, may seek time off by helping nab cohorts, officials say.

Rothstein, 47, pleaded guilty Wednesday in Fort Lauderdale federal court to five counts of racketeering, fraud and money laundering in a so-called $1.2 billion "Ponzi" scheme. He is set to be sentenced May 6 for what officials say the largest such scam in South Florida history.

The disbarred lawyer hopes to trim down his sentence significantly, The Miami Herald said Thursday, if he plays a key role in the ongoing probe of others in his bankrupt Fort Lauderdale law firm who prosecutors say may have benefited from the scheme.

Rothstein, who returned voluntarily from Morocco after the scandal broke and detailed his part in the alleged scheme, named others involved, according to sources familiar with the investigation.

He also identified hundreds of homes, cars, jewelry, watches, businesses, bank accounts and other personal assets bought with the tainted proceeds. The value of items seized so far run as high as $100 million.

A Ponzi scheme pays investors premiums from their own investments, or those of subsequent investors, but earns no profit.

© 2010 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
2014: The Year in Music [PHOTOS]

2014: The Year in Music [PHOTOS]

Most Popular
1
Oregon girl dies at beach after sand pit collapse
2
5-year-old brain tumor patient found; parents arrested
3
Islamic State siege of Amerli, Iraq, broken
4
Israel shoots down drone from Syria
5
Lesotho military denies coup, says police tried to arm fanatics
Trending News
Video
x
Feedback