An alleged Ponzi scheme by prominent Florida attorney Scott Rothstein is likely to have topped $1bn, the FBI said on Thursday, reports the WSJ. Authorites are still investigating the massive suspected fraud, and may not file criminal charges for weeks. The US government filed a civil forfeiture suit Monday against Rothstein, accusing him of selling stakes in fictitious legal settlements to investors. The scheme allegedly began around 2005 and unravelled in late October when investors said they were not paid.

This entry was posted by Gwen Robinson on Friday, November 13th, 2009 at 4:37 and is filed under Capital markets, People. Tagged with Ponzi, Scott Rothstein. Edit this entry.