In a packed federal courtroom Wednesday, disgraced Florida attorney Scott Rothstein took responsibility for perpetrating a $1.2 billion Ponzi scheme built on nonexistent legal settlements. Rothstein admitted committing five felonies, including racketeering conspiracy, money laundering conspiracy, fraud conspiracy and two counts of wire fraud. Acting U.S. Attorney Jeffrey Sloman said he had never seen authorities move on a Ponzi scheme of this magnitude in such a short time -- about two months.
Rothstein Pleads Guilty to All Counts in $1.2 Billion Ponzi Scheme
Daily Business Review
January 28, 2010