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.
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.