Judge Slaps Florida Ponzi Schemer with 50 Year Sentence

Judge Slaps Florida Ponzi Schemer with 50 Year Sentence
Author:
Updated:
Original:

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.

Related

Galleon Informant Sentenced to 27 Months in the Big House

Mark Kurland, Danielle Chiesi’s partner at New Castle Funds who pleaded guilty to insider trading in Galleon Group case, just got slapped with a 27-month prison sentence and a $900,000 fine for participating in the alleged scheme.

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: Parenthood, Lupus Insufficient Grounds For Ponzi Scheme

If you're thinking of using the aforementioned excuses during your Ponzi trial, think again.

Former Scores Stripper Took Cash in Ponzi Scheme

In the land of mini-Madoff’s, Kenneth Starr isn’t the biggest one out there. But, he did have a list of A-list clients that rivals only Bernie himself. Plus, his wife was a stripper at Scores, which is a lot more than you can say for Ruth Madoff.