Scott Rothstein Slapped With 50 Years Imprisonment
June 10th, 2010 - 7:40 pm ICT by GDBy Ranjan Bhaduri
Scott Rothstein the lawyer turned convicted Ponzi schemer who pleaded guilty to the charges of fraud slapped against him has been given 50- years of imprisonment by a U.S. District Judge.
His lawyer asked for the duration of prison term to be reduced to 30 years and it did a backlash. James Cohn, the U.S. District Judge said in his judgment that there is no doubt about the gravity of his crime and he should get a severe punishment.
The 48 year old tainted former lawyer pleaded guilty to the fraud charges slapped on him and expressed regrets for the investors who had been victimized by hiss ponzi scheme that ran into billions.
He had been put on federal custody after he was arrested in December last year. He appealed for reduction in the duration of imprisonment saying that he co operated fully with the investigators.
His law firm went defunct for his scheme. The employees and attorneys working in the firm Rothstein Rosenfeldt Adler will also be indicted. The issue of restitution to his victims remains to be resolved since the authorities have to figure out the compensation amount. It can only be resolved by the end of August.
Scott Rothstein rose from rags to riches but his ambition and greed brought his downslide. Not only he messed up his own life and career but his flourishing law firm also went down the drain. He said that his wife was never involved with his ponzi scheme.
He accepted his fault in the court and also added that he will do everything to get justice to the victims.
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Tags: adler, ambition, backlash, billions, district judge, downslide, federal custody, fraud charges, greed, imprisonment, investigators, james cohn, no doubt, ponzi scheme, rags to riches, ranjan, regrets, restitution, schemer, severe punishment