Finally, Scott Rothstein is in custody.
AP: A once high-flying South Florida attorney who lived lavishly and courted both politicians and celebrities was arrested Tuesday on federal charges that he operated a $1 billion investment fraud scheme using faked legal settlements.
The arrest of lawyer Scott Rothstein came as federal prosecutors prepared to unveil racketeering charges against him later in the day, according to two law enforcement officials speaking on condition of anonymity because of the ongoing investigation. Rothstein’s attorney declined comment when contacted early Tuesday.
Rothstein, 47, was expected to make an initial court appearance later Tuesday, the officials said. Federal racketeering charges carry a 20-year maximum prison sentence.
Criminal charges were seen as inevitable after Rothstein returned from Morocco early last month amid mounting questions from investors and the FBI about missing money. The FBI has estimated the Ponzi scheme could top $1 billion and asked investors to come forward with information.
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