DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
Attention
Wednesday, January 27, 2010
Ex-Attorney Pleads Guilty In $1.2B Ponzi Scam
Scott Rothstein, 47, pleads guilty to all five counts against him
FORT LAUDERDALE, Fla. - A disbarred attorney who courted politicians and star athletes and led a flamboyant lifestyle even by South Florida standards pleaded guilty Wednesday to federal charges that he ran a $1.2 billion Ponzi scheme.
Scott Rothstein, 47, pleaded guilty to all five counts against him, including wire fraud, money-laundering conspiracy and a racketeering charge commonly used to take down Mafia chieftains. The charges carry a maximum potential sentence of 100 years in federal prison. Sentencing is set for May 6.
The plea caps a downward spiral that began in late October, when court documents say Rothstein fled Florida on a chartered jet to Morocco carrying $500,000 in cash after wiring another $16 million to a Casablanca account he controlled. He returned to face charges and has been in federal custody since the FBI arrested him Dec. 1.
GO HERE to read more.
Subscribe to:
Post Comments (Atom)
1 comment:
He is first cousin to Obama!
Post a Comment