Feds say $188M restitution due in Rothstein case

Prosecutors identify 218 people with legitimate claims in Ponzi scheme operated by the former Florida attorney


Associated Press
August 2, 2010 10:22PM (UTC)

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.

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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.


Associated Press

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