$50 Million Forfeiture Deal In Rothstein Case

FORT LAUDERDALE (CBSMiami/AP) – A forfeiture deal was reached Tuesday in the case of the convicted Ponzi schemer Scott Rothstein.

Federal prosecutors reached an agreement with a bankruptcy trustee on how to divide nearly $50 million forfeiture proceeds from Rothstein.

Miami U.S. Attorney Wifredo Ferrer says about $28 million will go to qualified victims of the scam and $21 million to claimants in the bankruptcy of Rothstein’s now-defunct Fort Lauderdale law firm.

The money comes from forfeiture of real estate, boats, vehicles, jewelry and bank accounts traced to Rothstein’s $1.2 billion scheme. The settlement still must be approved next month by two federal judges.

Rothstein is among roughly two dozen people convicted in the scam, which offered investments in supposedly confidential legal settlements that did not exist. Rothstein himself is serving a 50-year prison sentence.

(TM and © Copyright 2014 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2013 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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