Monday, December 7, 2009

Alleged Ponzi Scheme Uncovered in Florida

The Associated Press reports that attorneys sorting through the books of disbarred Florida lawyer Scott Rothstein have uncovered handsome salaries for the disgraced attorney and his partners.

In 2008, Rothstein collected $35 million. Stuart Rosenfeldt, a 50 percent partner, received more than $6 million, and name partner Russell Adler was paid $888,000.

The law firm is now in bankruptcy, and Rothstein faces charges including racketeering and money laundering in what authorities allege was a massive ponzi scheme. Creditors have filed nearly $1.2 billion in claims.

Bankruptcy attorneys say the firm's books are a mess, and it's impossible so far to paint a complete picture.

Rothstein has pleaded not guilty.

Florida Lawyer Charged With Fraud Collected $35M in 2008

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