80°
Baton Rouge, Louisiana
7 Day Forecast
Follow our weather team on social media

Ponzi scheme accomplice gets reduced sentence

1 year 8 months 3 weeks ago Monday, October 26 2015 Oct 26, 2015 October 26, 2015 8:00 PM October 26, 2015 in News
Source: Associated Press

FORT LAUDERDALE, FL - One of the cogs in the wheel of a $1.2 billion Ponzi scheme got two-and-a-half years in prison instead of the maximum five because he helped prosecutors in the case against a disbarred lawyer who operated the scam.

Michael Szafranski pleaded guilty to wire fraud conspiracy and had to repay investors $6.5 million. Prosecutors say Szafranski lured investors to Scott Rothstein through deceptions, including assurances he reviewed confidential legal settlements that did not exist. Rothstein's scheme was based on investments in the fake settlements.

Rothstein operated the scam out of his Fort Lauderdale law office until it was taken down in 2009. He's serving a 50-year prison sentence.

More than two-dozen other people have been convicted in connection with the Ponzi scheme. 

More News

Desktop News

Click to open Continuous News in a sidebar that updates in real-time.
Radar
7 Days