Rothstein: trying the stripes on for size

Former South Florida attorney Scott Rothstein was finally sentenced today, recieving 50 years for his Bernie Madoff style Ponzi scheme. Rothstein, who has been cooperating with the Feds in order to try to get his sentenced reduced, plead guilty to five counts of conspiracy and fraud totaling 1.2 billion dollars.

The sentence was handed down by Judge James Cohn and was 20 years longer than the Rothstein camp had been hoping for. I guess he figured if he could get a 30 year sentence, he could possibly be out in 15 for good behavior and perhaps still have some life left. There is, however, the option that prosecutors could come back and ask for Rothstein’s sentence to be reduced further if he continues to help the Feds with ongoing investigations.

During the hearing Rothstein told the court “I dont expect your forgiveness” and “I will do everything in my power to help investors recoup their losses.”

In a statement after the sentencing, US Attorney Wilfredo Ferrer said the “rags-to-riches-to-jail saga” of Rothstein, who rose from blue-collar roots in The Bronx to the society pages of South Florida, was a “humbling reminder of what can happen when greed and ambition run amok.”

“Today’s sentence punishes the defendant for his thievery,” said Ferrer, “and hopefully brings some sense of justice to the victims of this massive fraud.”