Scott Rothstein Trustee Pulls $30,000 From Don King
Not even Don King, the unflappable cartoon-like boxing promoter, was safe from the long paper trail following Scott Rothstein's $1.4 billion Ponzi scheme. He settled a $700,000 lawsuit for $30,000 this week.
Herbert Stettin, trustee for Rothstein's closed law firm, Rothstein Rosenfeldt Adler, sued King's Deerfield Beach-based Don King productions in late 2011 in connection with the firm's sponsorship of the "Valentine's Day Massacre" held in 2009 at the former BankAtlantic Center.
King apparently damned himself with a note personally thanking Rothstein and his firm for sponsoring the event, according the South Florida Business Journal. The lawsuit argued that King was "'unjustly enriched' to the detriment of RRA."
It seems that only sheer luck or the power of his poufy hair could garner King such a favorable settlement. However, a number of cases involving the defunct firm and those who illegally profited from it were closed for a fraction of their original value.
An $865,113 suit with Mayors Jewelers was settled for $15,000, and a variety of other suits ranging from $34,750 to nearly $500,000 were dispatched for far less.
Rothstein is now serving a 50-year sentence after his massive scheme collapsed in 2009. Officials have ordered most of his assets, including pricey watches, designer clothes, and expensive furniture, to be seized and auctioned in an attempt to make victims whole.
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Most recently Rothstein's wife, Kim Rothstein, pleaded guilty to conspiracy to commit money-laundering after she was discovered trying to hide more than $1 million of jewelry, including a 12-carat, $450,000 engagement ring.