Scott Rothstein
Scott Rothstein (Melanie Bell)

One of the founders of Scott Rothstein’s $1.2 billion Ponzi scheme has settled a fraudulent transfer lawsuit with the trustee for $471,000.

Michael Goldberg, the liquidating trustee appointed to collect funds and disburse money to victims, filed a settlement notice with Frank Preve on Tuesday.

The trustee had sued Preve for $5 million for his alleged role in funneling millions of dollars into the Ponzi scheme. The settlement calls for Preve to pay $471,000, which includes a house in Cape Coral valued at $350,000, a St. Thomas timeshare valued at $56,000 and $65,000 in cash.

In 2012, the U.S. Securities and Exchange Commission charged Preve and his colleague George Levin, who both live in the Fort Lauderdale area, with raising more than $157 million from 173 investors to funnel into the Ponzi scheme.

Rothstein is serving a 50-year sentence for masterminding one of the biggest Ponzi schemes in Florida history out of his former Fort Lauderdale law firm, Rothstein Rosenfeldt Adler.