Another Ponzi scheme goes belly up

By Incorrect Author 24 November 2009

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


While we have your attention...

An increasingly rare commodity, quality independent journalism costs money - though not nearly as much as its absence.

Every article, every day, is our contribution to Defending Truth in South Africa. If you would like to join us on this mission, you could do much worse than support Daily Maverick's quest by becoming a Maverick Insider.

Click here to become a Maverick Insider and get a closer look at the Truth.

Constitutional Court ruling

Personal, home-based consumption of cannabis is decriminalised

By Nkateko Mabasa