Federal judge in Fla. to begin sorting through admitted Ponzi scheme operator’s assetsBy AP
Friday, May 28, 2010
Judge to begin sorting through Rothstein assets
FORT LAUDERDALE, Fla. — A federal judge in Florida will begin sorting through more than 40 claims on real estate, bank accounts and other assets linked to Scott Rothstein, who’s pleaded guilty to running a Ponzi scheme.
A hearing is scheduled for Friday in Fort Lauderdale. The government wants to sell the assets to compensate fraud victims. The biggest claim comes from the trustee for Rothstein’s bankrupt law firm, who says more than $469 million is being sought by creditors and former investors.
Rothstein’s cars and boats will be up for auction June 3. On the block will a Bugatti, a Lamborghini, a 2009 white Bentley, a 1967 red convertible Corvette Stingray and an 87-foot yacht.
Rothstein faces up to 100 years in prison when he’s sentenced next month.
Tags: Corporate Crime, Florida, Fort Lauderdale, Fraud And False Statements, North America, United States