Disgraced former Florida attorney Scott Rothstein was sentenced today to 50 years in federal prison for engineering a $1.2 billion Ponzi scheme. A federal judge imposed a longer term than both the prosecution and defense suggested for the fraud, which cost about 400 victims a total of $400 million. While the defense argued for a relatively light sentence based on Rothstein's cooperation with the government, the judge said he couldn't overlook the defendant's "greed and arrogance as part of his history."
Rothstein Gets 50-Year Sentence for $1.2 Billion Ponzi Scheme
Daily Business Review
June 9, 2010