Share
Email
PrintRothstein pleads not guilty in Ponzi scheme
NEW YORK (JTA) -- Scott Rothstein, the disbarred South Florida lawyer accused of running a $1.2 billion Ponzi scheme, has pleaded not guilty to U.S. charges of wire fraud and conspiracy.
Rothstein entered his plea to U.S. Magistrate Judge Robin Rosenberg in federal court in Ft. Lauderdale on Wednesday, according to reports.
According to prosecutors, Rothstein’s scheme started in 2005 to finance his 70-person law firm, Rothstein Rosenfeldt Adler PA. Investigators believe that he had a number of co-conspirators, who helped propagate the fraud and to lure more unsuspecting investors.
As part of the scheme, Rothstein told investors that they could buy stakes in pending class action lawsuits and collect money when they were settled.
His victims have already sued TD Bank, where Rothstein and his co-conspirators held more than 30 accounts.
Click to login and write a letter to the editor or sign up for the Daily Briefing.
This article was made possible by the support of readers like you. Donate to JTA now.
Featured Content
Need to know? Get JTA's free e-newsletters!
- Sarkozy: Iran solution should be non-military
- Poll: Half of U.S. voters back strike on nuclear Iran
- German city of Wurzburg brings back its long-lost Jews
- Reform leader Rabbi Gunther Plaut dies
- D.C. Hebrew-language charter school accepted for review
- Op-Ed: Kick the reaction addiction on campus
- Berman moves to grant investor visas to Israelis
- Holy cow! Calves hijacked into Palestinian territory
