Scott Rothstein Ponzi Scheme Sentencing: Feds Seek $188 Million In Restitution

FORT LAUDERDALE, Fla. — Federal prosecutors have asked a judge to approve more than $188 million in restitution for victims of the Ponzi scheme operated by former Florida attorney Scott Rothstein.

Prosecutors said in a filing last week that they have identified 218 people with legitimate claims. More can be added if they provide proper documentation of losses.

Assets including cash, real estate, houses, boats and jewelry have been seized from Rothstein. But officials say the value is far less than $188 million, so victims will likely only get a portion of their money back. An Aug. 30 court hearing is scheduled to finalize the numbers.

Rothstein is serving a 50-year prison sentence after pleading guilty to charges of running a $1.2 billion scheme in which he bilked investors using faked legal settlements.

Comments

[FarOutFish]

05:51 PM on 08/03/2010

How do I get restitution for the Ponzi scheme called Social Security?

[IfIonlyknew]

11:06 AM on 08/04/2010

Wait in line.

[UpBone]

11:20 PM on 08/02/2010

So, does he get to keep the rest of it?

[themodernleader]

09:27 PM on 08/02/2010

Congratulations. We have found and convicted another swindler. When are we going to confront the swindlers who have bankrupted our fair land?

[martin2]

09:02 PM on 08/02/2010

The article said that Rothstein stole 1.2 Billion.
Were is the rest of the money?

[iridium53]

05:37 PM on 08/02/2010

So, Feds got this guy.

For $118 Million.

They just can't get any big company or big bank executives - for hundres of Billions.

[Mark Whittington]

04:28 PM on 08/02/2010

ya, right..."and despite the fact that we are vigorously persuing any and all for 2 and 3 year old $100 mistakes on their income taxes; garnishing checking accounts, etc, we can't find the $180mil, let alone the other BILLION. quack