Call Now For a Free Consultation:
(614) 532-4576
Nationwide Representation

Ex-Florida Lawyer Receives 50-year Prison Sentence for Ponzi Scheme

An alleged Ponzi scheme involving approximately $1.2 billion leads to ex-Florida lawyer Scott Rothstein receiving a prison sentence of 50 years. Mr. Rothstein was convicted of five felonies that included money laundering, racketeering conspiracy and wire fraud. The maximum sentence Mr. Rothstein could have received was 100 years.

The disbarred attorney attracted unsuspecting investors by offering large interest rates from the sale of confidential legal settlements. However, investigators concluded that the settlements were not real. Mr. Rothstein also allegedly produced fake bank statements to investors showing money in the accounts and took money from new investors to pay dividends to old investors.

Mr. Rothstein was accused of using the money to purchase Italian sports cars, an 80-foot yacht and to make political contributions to candidates, such as Florida Governor Charlie Crist, California Governor Arnold Schwarzenegger and former Alaska Governor Sarah Palin.

The Ponzi scam operated from 2005 until October 2009. That is when Mr. Rothstein fled to Morocco after wiring $16 million to an account there. He later retuned to the United States and pled guilty on January 27, 2010.

Mr. Rothstein hoped to get a lighter sentence in exchange for his willingness to return to the United States and for his cooperation. However, he received 10 years more than what prosecutors recommended.

“These actions constitute the most egregious wrongs a licensed attorney can commit,” U.S. District Judge James I. Cohn said.

Mr. Rothstein’s assets have been seized and are in the process of being sold in order to pay restitution to the victims.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation
Atlanta Office

945 East Paces Ferry Road, Suite 2275
Atlanta, GA 30326
Columbus Office

305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram