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  1.  Elaborate on the financial crimes committed by Scott Rothstein    



    Discuss one of the most notorious financial criminals in contemporary and modern times committed by an individual.

     Investigate the nature of the crime and eventual outcome (tangible/intangible). The individual is Scott Rothstein


Subject Law and governance Pages 2 Style APA


Financial Criminals in Contemporary and Modern Times: The Case of Scott Rothstein


Among the most notorious financial criminals in modern and contemporary times is the one that was conducted by Scott Rothstein, a former lawyer, who was eventually sentenced to 50 years in federal prison. Rothstein’s sentencing followed his use of his Fort Lauderdale law company to run a 1.2 billion dollars Bernie Madoff-style Ponzi scheme, which brough him sports and yachts and permitted him to make significant contributions to politicians in Florida (Manning, 2018; Suzumura et al., 2019).

Rothstein’s Ponzi scheme, according to Maglich (2014), was perforated with highly confidential lawful settlements, offering investors chances of “purchasing” large lawful settlements at comparatively low rates that would reward them the entitlement to payments with greater benefits/returns. Nonetheless, that was not certainly the case. Furthermore, Rothstein, during the trials, admitted that he did run a scam that entailed selling shares in false lawsuit settlements, giving promises to investors that they would reap bountiful rewards if the cases were settled (McMahon et al., 2016; Ocansey, 2017; Díez & Herlin-Karnell, 2018).  Le Nguyen (2020) explained that Rothstein created phony settlement covenants and false bank documents to dupe investors. He, in a classic Ponzi scheme, employed funds for new investors to settle their old investors. Additionally, Rothstein gave huge sums of money to hospitals and charitable establishments (Gupta & Kumar, 2020).

In conclusion, Rothstein falsely gained his wealth by manipulating investors and giving them promises of better returns, returns that never came to be. As a result of his Ponzi scheme, Rothstein’s law firm collapsed and his associates, his wife included, were served with prison sentences.



Díez, C., & Herlin-Karnell, E. (2018). Prosecuting EU Financial Crimes: The European Public Prosecutor’s Office in Comparison to the US Federal Regime. German Law Journal, 19(5), 1191-1220. doi:10.1017/S2071832200023002

Gupta, C. M. & Kumar, D. (2020). Identity theft: a small step towards big financial crimes. Journal of Financial Crime, 27(3), 897-910. https://doi.org/10.1108/JFC-01-2020-0014

Le Nguyen, C. (2020). National criminal jurisdiction over transnational financial crimes. Journal of Financial Crime, 27(4), 1361-1377. https://doi.org/10.1108/JFC-09-2019-0117

Maglich, J. (2014). On Fifth Anniversary of Rothstein’s $1.2 Billion Ponzi Scheme, Questions Remain. Retrieved May 24, 2021, from https://mandel-law.com/sites/default/files/Forbes%2010.31.14.pdf

Manning, P. (2018). Madoff’s Ponzi investment fraud: a social capital analysis. Journal of Financial Crime, 25(2), 320-336. https://doi.org/10.1108/JFC-06-2017-0057

McMahon, R. A., Pence, D., Bressler, L., & Bressler, M. (2016). New Tactics in Fighting Financial Crimes: Moving beyond the Fraud Triangle. Journal of Legal, Ethical and Regulatory Issues, 19(1), 1-14. Retrieved May 24, 2021, from https://www.researchgate.net/profile/Martin-Bressler/publication/312120199_New_tactics_in_fighting_financial_crimes_Moving_beyond_the_fraud_triangle/links/5925f2fba6fdcc4443420348/New-tactics-in-fighting-financial-crimes-Moving-beyond-the-fraud-triangle.pdf#page=20

Ocansey, E. (2017). Forensic Accounting and the Combating of Economic and Financial Crimes in Ghana. European scientific journal, 13, 379. DOI:10.19044/ESJ.2017.V13N31P379

Suzumura, T., Zhou, Y., Barcardo, N., Ye, G., Houck, K., Kawahara, R., Anwar, A., Stavarache, L. L., Klyashtorny, D., Ludwig, H., & Bhaskaran, K. (2019). Towards Federated Graph Learning for Collaborative Financial Crimes Detection. ArXiv, abs/1909.12946.



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