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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.

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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.

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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 This material may not be published, broadcast, rewritten, or redistributed.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.)

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