Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
Articles |The FORUM |Law Library |Videos | Fraudsters & Co. |File Complaints |How they STEAL |Search MSFraud |Contact Us
Inquiring
Fla. Ponzi schemer implicates many others in crime

By CURT ANDERSON

MIAMI

Over two grueling weeks, convicted Florida Ponzi schemer Scott Rothstein laid out in incriminating detail how far the tentacles stretched in his $1.2 billion fraud, pointing the finger at numerous lawyers, bankers, business people, relatives, friends and unnamed law enforcement officials and politicians.

The testimony, made public in hundreds of pages of transcripts, could form the outline of another wave of indictments that federal prosecutors have been promising for months. Rothstein, a 49-year-old disbarred lawyer, was questioned in December by about 30 attorneys representing investors who lost money and some people who could face charges.

"This was huge and it takes a lot of people to pull off," attorney William Scherer said Wednesday. He represents investors who lost about $190 million.

Rothstein, whose scam involved supposedly lucrative investments in phony legal settlements, was testifying in several lawsuits arising from the implosion of his Ponzi scheme and bankruptcy of the once high-flying law firm Rothstein Rosenfeldt Adler.

More @ [URL=http:// http://www.businessweek.com/ap/financialnews/D9S2C5000.htm]http://www.businessweek.com/ap/financialnews/D9S2C5000.htm[/URL]
Quote 0 0
Write a reply...