A Ponzi Scheme for the Holidays

Fri, 25 Dec 2009 14:37:30 +0000

Where I am spending the holidays, the sordid story of Scott Rothstein is dominating the news reports.  From the Miami Herald, here is the essence of what he did under the guise of his law firm:

A court-appointed trustee in the law firm's bankruptcy case said RRA has about $43 million in assets -- and debts totaling more than $1.4 billion.

Read the story for the details of how he managed to fool people for so long.  The depths of greed and stupidity to which some people will sink, in the plain view of others who do nothing to intervene, never cease to amaze me.