Rothstein pleads guilty to five charges, massive Ponzi fraud



Scott Rothstein admitted Wednesday morning that his empire was built on a lie –the biggest financial fraud in South Florida history. He pleaded guilty to five federal charges, admitting that he ran a massive Ponzi scheme, and faces a lengthy prison term at his sentencing in May.

…Scott Rothstein admitted Wednesday morning that his empire was built on a lie the biggest financial fraud in South Florida history.

He pleaded guilty to five federal charges, accepting responsibility for a massive Ponzi scheme, and faces a lengthy prison term at his sentencing in May.

“This is the first step to bringing closure to a $1.2 billion Ponzi scheme,” said acting U.S. Attorney Jeffrey Sloman. “Rest assured, we are not done.”

Rothstein appeared in federal court in Fort Lauderdale wearing a khaki jail jumpsuit and answered routine questions from U.S. District Judge James Cohn in a clear but subdued voice during the brief hearing. “Guilty,” Rothstein replied when asked by the judge how he was pleading to the charges.

As the shackled and handcuffed Rothstein was leaving the courtroom, he stumbled over his lawyer’s briefcase. He began to fall, but federal marshals caught him and got him on his feet again to return him to detention. His once spiky blond hair was buzz-cut and gray. He made no eye…

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Rothstein pleads guilty to five charges, massive Ponzi fraud

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