A bankruptcy plan recently approved in South Florida’s $1.2 billion Scott Rothstein ponzi scheme will likely restore money to hundreds of defrauded investors. Last week a federal bankruptcy judge approved the liquidation plan for Rothstein’s former Ft. Lauderdale law firm, Rothstein Rosenfeldt Adler (RRA).
A large portion of the money is coming from TD Bank, which investor attorneys’ claim played a role in Rothstein’s scam. TD Bank denies any wrongdoing but is paying about $363 million to Rothstein investors. While the dollar amount of Rothstein’s Ponzi scheme has been estimated at $1.4 billion, the total losses to investors has been put anywhere between $400 million and $500 million.
Ft. Lauderdale attorney, William Scherer, who represents a number of the investors, said that his legal team has obtained a total of $257 million in settlements for Rothstein investors. In addition, he is asking a Broward County judge to level further monetary sanctions against TD Bank, accusing it of failing to turn over critical documents.
Click here to read more on the bankruptcy plan to restore many of Scott Rothstein’s ponzi investors.
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