Miami Heat Says It Lost $3 Million in Scott Rothstein Ponzi

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The Miami Heat has reached a settlement to recoup part of what it says was a $3 million loss from its involvement in the $1.4 billion Scott Rothstein Ponzi scheme, according to documents filed Tuesday.

The RRA bankruptcy trust initially sued the Heat and its affiliate, Basketball Properties Ltd., to get back $156,000 Rothstein paid them that lawyers said actually belongs to investors; the Heat responded with a counterclaim saying its company is owed $3 million.<

The settlement, first written about by the South Florida Business Journal but not yet approved by the judge, says the claim against the Heat will be dropped and the Heat's claim against RRA will be reduced to $625,000. The team would also be pretty far down on the list of people to get paid back -- it gets its money only if investors get 25 percent of their money back and even then on a proportional scale with the other investors.

RRA-Heat Agreement



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3 comments
Guest
Guest

Who's making the decisions as to who gets charged, who doesn't?  It seems unfathomable that Rosenfeldt, Adler, Levin and Szfranski aren't behind bars...along with the judges and law enforcement who catered to and  benefited from the Ponzi scheme.  Most people believe the rumors that chief judge Vic Tobin is dirty, and so is Frank Adderley, yet they haven't been charged. Dave Benjamin and Tom Wheeler still have their jobs, and that infuriates many, many people.

Guest
Guest

When are they ever going to go after all the Law Enforcement officer that were involved with protecting the Ponzi Scheme.  Reports of their use of prostitutes, receiving diamonds, receiving hundreds of thousands of dollars in cash protection details, using law enforcement to intimidate others so as to prevent the scheme from unraveling, free gratutities, escorts to airports when he fled, reports of officer traveling out of the country with Rothstein, officers working for Rothstein on city time etc.     

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