Scott Rothstein, the gawdy Fort Lauderdale attorney who ran a $1 billion investment scam while acting like a tycoon straight out of an F. Scott Fitzgerald novel, was arrested by FBI agents on a federal racketeering charge.
Rothstein has been cooperating with federal prosecutors detailing his Ponzi scheme which involved the sale to investors of make-believe structured settlements in sexual abuse cases. The FBI and IRS searched his Fort Lauderdale law office and are confiscating his waterfront home and other assets.
It appears that Rothstein has worked a deal with the feds and will plead guilty. Prosecutors have charged Rothstein with RICO (Racketeer Influenced and Corrupt Organizations Act) violations which was a federal law enacted to battle organized crime. Rothstein, who was disbarred last week by the Florida Supreme Court, is accused of mail, wire and bank fraud, along with money laundering. If convicted, Rothstein is looking at 20 years in prison and forfeiture of the fortune he stole.
Rothstein's maintained a high profile, being seen with the likes of Governer Charlie Crist and Miami Dolphins retired quarterback, Dan Marino. Rothstein who donated millons of dollars to charity from money received from investors, was seen at the swankiest of establishments and drove around town in enough fancy cars to open up his own Toy Store.
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