Scott Rothstein, aged 47, was the owner of a major financial advising firm. He received sentence by the order of Judge Cohn, a federal judge in Fort Lauderdale, for committing fraud in bank transfers and money laundering and for the assembly of a criminal organization. A seizure of property in the possession of the investor, up to of 1.2 billion was also ordered. The goods that were seized by the court included real estate, luxury cars, yachts, bank accounts, jewelry and various other valuables.
According to sources, Scott Rothstein was likely to receive sentence of “hundred year” imprisonment as he faced five singular convictions. But his punishment was reduced because he decided to cooperate with the authorities in the investigation.
The millionaire Rothstein created a big business that was based on a “Ponzi Scheme” similar to the scheme that was established in New York by Robert Madoff who was sentenced to 150 years in prison. Rothstein used the property of many other people for his own benefits. His million dollar empire contained the wealth of many renowned faces of show biz and corporate sector.