Judge Slaps Florida Ponzi Schemer with 50 Year Sentence - Dealbreaker

Judge Slaps Florida Ponzi Schemer with 50 Year Sentence

Judge Slaps Florida Ponzi Schemer with 50 Year Sentence

Damn, that’s harsh. If you’re thinking about starting a Ponzi scheme, it’s probably not a good idea to forge the signatures of several judges on fake federal court documents. For Scott Rothstein, that move (and the fact that he defrauded some folks) landed him a 50 year sentence today for running a $1.2 billion Ponzi scheme out of his South Florida law firm office.

“I am truly and deeply sorry for what I have done,'' Rothstein said, addressing the court wearing cuffs on his wrists and ankles. “I don't expect your forgiveness.''

Well, Rothstein didn’t get much. The sentence was 10 years more than prosecutors actually asked for and 20 years more than Rothstein’s lawyer requested. The judge probably didn’t like the fact that Rothstein also fled to Morocco on private jet with $16 million in cash as his firm imploded last fall. Why he came back, is anyone's guess.


Miami Jeweler Busted in $40 Million Ponzi Scheme

Yet another South Florida mini-Madoff has been nabbed by the Securities and Exchange Commission for robbing unsuspecting investors out of their hard-earned cash. Luis Felipe Perez allegedly stole $40 million from 35 investors from 2006 through 2009 until his Ponzi scheme unraveled.

Judge Jed Up SEC's Ass Again

These days, Judge Jed Rakoff’s name creates about as much agita inside the SEC as as Bernie Madoff. If Wall Street’s cops on the beat didn’t have enough to deal with already, now Judge Jed is up their ass about a seemingly meaningless legal settlement in the Galleon insider trading case.