A prominent Florida lawyer is the latest example of what not to do as an investor, a business person, or a generally moral person.
- 47 year-old Scott Rothstein was convicted on charges of money laundering, conspiracy to commit bank transfer fraud, and criminal conspiracy related to the financial system.
- Rothstein managed to buy several houses, cars, and a yacht before he was caught. He also befriended celebrities and politicians, including Arnold Schwarzenegger.
- Rothstein used new investors’ money to pay off earlier investors, and just like Bernie Madoff’s famous Ponzi scheme, he left countless investors with immense losses.
Facts & Figures
- Rothstein’s fraudulent investment scheme was worth more then $1 billion.
- He was sentenced to 50 years in prison.
- Rothstein forged the signatures of at least three federal judges.
Best Quote
“This rags-to-riches-to-jail saga is a humbling reminder of what can happen when greed and ambition run amok.” - Wifredo Ferrer, U.S. Attorney