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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.
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.
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.
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