FORT LAUDERDALE (CBSmiami/AP) — An investment adviser is set to plead guilty to wire fraud conspiracy for his role in a $1.2 billion Ponzi scheme operated by disbarred attorney Scott Rothstein.READ MORE: South Florida Playing Pivotal Role In Transformation Of Psychedelics As Mainstream Medicine
A plea hearing is set Wednesday in Fort Lauderdale federal court for Michael Szafranski. Prosecutors say he lured investors to Rothstein through a variety of deceptions, including assurances he reviewed confidential legal settlements that did not actually exist.
The charge carries a maximum 5-year prison sentence.READ MORE: Parkland parents furious following Texas elementary school shooting: ‘They failed our kids again’
More than two dozen other people have been convicted in the Rothstein scam, operated out of his former Fort Lauderdale law office until its October 2009 collapse. Rothstein himself is serving a 50-year prison sentence after pleading guilty.
Trial for the current lone remaining defendant, bank executive Frank Spinosa, is set for October.MORE NEWS: Environmental advocates who say Biscayne Bay is dying to gather Wednesday to find solutions
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