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Showing posts from January, 2010

Rothstein Pleads Guilty in South Florida Ponzi Scheme

According to the Miami Herald, Scott Rothstein, a previously successful attorney, pleaded guilty Wednesday to running South Florida's largest ever ponzi scheme - estimated to total $1.2 billion. According to the Miami Herald:
Dressed in a tan prison jumpsuit and shackled at his ankles and wrists, the disbarred 47-year-old displayed no emotion as he acknowledged guilt for operating a massive Ponzi scheme that destroyed his law firm, damaged charities and drained the bank accounts of his investors and clients.Rothstein, looking pale and gray, did not address the court, other than to answer yes or no to questions from the judge and say that he was taking medication for his cholesterol, blood pressure and anxiety. Rothstein's notorious misdeeds have been compared to those of the world's biggest Ponzi schemer, Bernard Madoff, convicted last year of running a $65 billion scam and sentenced to 150 years. Prosecutors indicated more arrests were likely as they continue their invest…