Attorney Scott Rothstein was sentenced to 50 years in prison for operating a fraudulent investment racket from his office in Florida.
The crime, known as a Ponzi scheme, involves paying investors with the payments of newer investors, creating the appearance of profitability, so long as a steady stream of new investors buy in. The type of scheme was named after a con man active in the early 20th century.
Rothstein receive a hefty sentence for his crime, which Florida authorities have described as the largest Ponzi scheme in the state’s history. The Ft. Lauderdale prosecutor was only asking for 40 years while the defense requested 30.
Due to the severity of the theft and the severs violation of legal ethics, the judge chose a half-century prison sentence, reported the Sun Sentinel.
Rothstein forged federal court orders to support his fraud. Judge Cohn said, “These actions constituted the most egregious wrong a licensed attorney can commit. There can be no conduct more reviled.”
“I am truly and deeply sorry for what I have done. I don’t expect your forgiveness. I don’t. I am ashamed and embarrassed,” said Rothstein in court.
Harvey and Gay Rothstein, the parents of the convicted man were present for the sentencing along with Rothstein’s wife Kim.
U.S. District Judge James I. Cohn showed no mercy with the sentence. Rothstein’s parents appeared to be distraught and shocked by the severity of the punishment.
“This Ponzi scheme was not the result of a poor business decision. Quite the contrary, it was fraud at its inception,” said Cohn to the Sun Sentinel.
The crime, known as a Ponzi scheme, involves paying investors with the payments of newer investors, creating the appearance of profitability, so long as a steady stream of new investors buy in. The type of scheme was named after a con man active in the early 20th century.
Rothstein receive a hefty sentence for his crime, which Florida authorities have described as the largest Ponzi scheme in the state’s history. The Ft. Lauderdale prosecutor was only asking for 40 years while the defense requested 30.
Due to the severity of the theft and the severs violation of legal ethics, the judge chose a half-century prison sentence, reported the Sun Sentinel.
Rothstein forged federal court orders to support his fraud. Judge Cohn said, “These actions constituted the most egregious wrong a licensed attorney can commit. There can be no conduct more reviled.”
“I am truly and deeply sorry for what I have done. I don’t expect your forgiveness. I don’t. I am ashamed and embarrassed,” said Rothstein in court.
Harvey and Gay Rothstein, the parents of the convicted man were present for the sentencing along with Rothstein’s wife Kim.
U.S. District Judge James I. Cohn showed no mercy with the sentence. Rothstein’s parents appeared to be distraught and shocked by the severity of the punishment.
“This Ponzi scheme was not the result of a poor business decision. Quite the contrary, it was fraud at its inception,” said Cohn to the Sun Sentinel.
