Follow CBSMIAMI.COM: Facebook | Twitter

FT LAUDERDALE (CBSMiami/AP) – A Miami broker faces up to five years in prison for his part in Scott Rothstein’s $1.2 billion Ponzi Scheme.

READ MORE: Coral Springs Police: 3 Separate Crime Scene Tied To One Suspect

Richard Pearson pleaded guilty to wire fraud conspiracy. He’ll be sentenced January 9th.

Court documents show Pearson acted as a broker for investments in some phony legal settlements peddled by Rothstein, a former lawyer. In return, investors paid Pearson a sales commission.

READ MORE: Ronald Acuña's 1st Game In Miami Since Knee Injury, Leads Braves Past Marlins 5-3

One such group of investors agreed in 2009 to put their money in five of Rothstein’s purported legal settlements. That group wound up losing about $2.4 million.

Rothstein is serving a 50-year prison sentence for running the scheme. More than two dozen other people have been convicted.

(TM and © Copyright 2014 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2014 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 This material may not be published, broadcast, rewritten, or redistributed.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.)

MORE NEWS: Miami Heat's Bam Adebayo Named To NBA's All-Defensive Second Team

[display-posts category=”news” wrapper=”ul” posts_per_page=”5″]