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24 September 2017 14:04 (South Africa)

Another Ponzi scheme goes belly up

Scott Rothstein, a 47-year-old lawyer out of Fort Lauderdale, Florida, has been accused by US authorities of orchestrating a Ponzi scheme to the tune of US$1-billion. While the amount Rothstein allegedly swindled is nowhere near the US$65-billion total rung up by all-time Ponzi king Bernie Madoff, he certainly lived as extravagant a lifestyle. Federal agents have filed court papers seeking to seize Rothstein’s 87-foot yacht, more than a dozen of his properties, his 20 luxury cars –including a US$1.5-million Bugatti Veyron – and his stakes in dozens of companies. Read more: New York Times

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