How was Scott Rothstein able to scam over a BILLION dollars from investors with a simple loophole? Find out all about it in this video!
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The Dark Prince
Scott Rothstein's Fort Lauderdale mansion was full of high-class party guests and caterers back on a random day in October of 2009. Exotic cars lined the front entrance. The party was rocking, champagne flowing, and appetizers were passed around.
Scott Rothstein
Scott Rothstein was a force to be reckoned with in Fort Lauderdale, Florida. He was a partner at his own law firm. He was friends with powerful politicians, such as then Florida Governor Charlie Crist and former Presidential Candidate John McCain.
Hush Hush
The answer is simply that he ran a ponzi scheme. A huge one! To understand Rothstein's Ponzi scheme, let’s take a look at the following very simple fictional scenario just as an example.
Rothstein Early Years
Rothstein’s life wasn’t always super flashy. Rothstein grew up in the Bronx in New York, where he shared a bedroom with his sister. His family wasn't wealthy by any means. His father worked hard. He went up and down the streets of New York selling random items.
Rothstein, Rosenfeldt, & Adler
Scott Rothstein and Stuart Rosenfeldt partnered with Russel Adler to found Rothstein, Rosenfeldt, & Adler, simply known as R.R.A. For a while, the firm operated under the radar in Florida.
Property, Cars, and Watches
Rothstein had no problem spending money that belonged to the clients he scammed. He had access to hundreds of millions of dollars. He began buying homes, restaurants, cars, watches, basically anything of value.
Forged
How did Scott get away with everything for so long? There was no way he could run such a huge scam all by himself right? Yep, he had a team of fellow scammers who helped to forge legal documents and judges' signatures to legitimize his fake cases.
Eat the rich, Devour the poor
Rothstein's delusions of grandeur and lack of planning finally caught up with him. He started receiving daily emails from investors looking for their money. This is because of the financial crisis that happened back in 2008.
Escape to Morocco
Rothstein's world finally came crashing down in October of 2009. While guests at his Fort Lauderdale Mansion sip champagne purchased with stolen money, the guest of honor was on a flight to Casablanca, Morocco, which was a fugitive's paradise.
Change of Heart
Scott Rothstein actually DID make it to Morocco. He hid out there for a few weeks. But he had a change of heart in Morocco. He had spoken with friends and family for weeks. Even though he faced a potential 100-year prison sentence on five counts of fraud, racketeering, and money laundering, he returned to Fort Lauderdale on his own anyways.
Rothstein Today
Scott Rothstein is currently serving out his 50-year sentence in the U.S. Bureau of Prisons' Federal Witness Protection Program. He has long since been banned from practicing law in the state of Florida.
9 сен 2024
