Fla. ex-attorney set to plead guilty to fraud, racketeering in $1.2 billion Ponzi scheme

Guilty plea set for Fla. ex-attorney in Ponzi scam

FORT LAUDERDALE, Fla. — Disbarred South Florida attorney Scott Rothstein is set to plead guilty to federal charges that he ran a $1.2 billion Ponzi scheme using phony legal settlements.

Rothstein is scheduled to enter the plea Wednesday in Fort Lauderdale federal court to five charges, including racketeering, fraud and money-laundering conspiracy. The 47-year-old Rothstein faces a maximum of 100 years in prison.

Prosecutors say Rothstein operated the scam from his now-defunct law firm from 2005 to 2009. Dozens of investors have filed lawsuits seeking return of lost money. Federal agents have seized two dozen pieces of real estate, 20 luxury cars, an 87-foot yacht and other former Rothstein assets.

Authorities say some Rothstein associates may also face charges.

(This version CORRECTS APNewsNow. corrects day of plea hearing. Will be updated after 9:30 a.m. EST plea hearing.)