Scott Rothstein, the South Florida lawyer accused of orchestrating a huge Ponzi scheme is reportedly negotiating a guilty plea that will be announced in federal court Wednesday.
On Tuesday night, lawyers said that Rothstein may implicate others to reduce his possible sentence.
“This case is a nightmare for everybody involved. The victims, the legal profession and everyone who has had something to do with this man,” said defense attorney Jeffrey Weiner. “I really think the guilty plea is just a prelude to what will come out at sentencing. That’s when we’re going to learn so much more about the enormity of the crime.”
That crime, according to federal prosecutors, was Rothstein’s involvement in a Ponzi scheme totaling more than $1 billion. Rothstein is said to be cooperating with the investigation. It is believed he will continue to cooperate in order to reduce his sentence.
“It seems to me he’ll cooperate even further and name names in order to recoup as much money as possible so the restitution is as significant as he can make it,” Weiner said.
For the victims, restitution is an important issue.
Some believe Rothstein will spend the rest of his life in prison. But others said he could be a free man in as little as 10 to 20 years.
(Source: Just News)
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4 Responses
I’m sure he gave a lot of money to tzedaka. That makes everything OK.
What’s with the popularity of ponzi schemes? Is it something that people actually thought was legal, or is it the same old “they’re not going to catch me”?
Judging from the picture, “Scottie” looks VERY trustworthy.
In hindsight they ALL look innocent, and they certainly say the right things. Examples include Madoff, Shereshevsky, Byers, R. Friedman (sic). Shameful.