Ponzi Party

Uncovering the Rothstein Ponzi Involvement of George Levin, Frank Preve, and Banyon Investments

By Rich Abdill Thu., May 24 2012 at 10:25 AM
Categories: Ponzi Party
Thumbnail image for rothsteinwatches.jpg
"Time for court, gentlemen."
Yesterday, we brought you the accusations against Rothstein Ponzi investors George Levin and Frank Preve, who the Securities and Exchange Commission says knew about Rothstein's scam and fed hundreds of millions of dollars into it anyway.

That post took you through what (allegedly) happened from the start of the scheme in 2005 until it disintegrated in fall 2009. Here's what happened after that, and how the details of Levin and Preve's involvement gradually came to light.
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Frank Preve, George Levin, Scott Rothstein
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Ponzi Party

Frank Preve Emailed Scott Rothstein: "I Can't Show Anyone That I Am a Complete Idiot"

By Rich Abdill Wed., May 23 2012 at 9:04 AM
Categories: Ponzi Party
rothsteinguitar.jpg
This is one of those times when the documents speak for themselves; I could rewrite and paraphrase the claims made by the Securities and Exchange Commission, but that wouldn't be better for either of us.

The short version of the story: The SEC says Fort Lauderdale-based hedge fund managers George Levin and Frank Preve knew about Scott Rothstein's $1.2 billion Ponzi scheme and actively brought hundreds of millions of dollars into the fold to help keep the thing afloat.

They're now being taken to court for a pile of things that don't include anything about prison time but do include "disgorgement of ill gotten gains," which sounds a lot like clawbacks.
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Banyon, Frank Preve, George Levin, Scott Rothstein
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Ponzi Party

George Levin, Frank Preve Hit With SEC Charges in Scott Rothstein Ponzi Scheme

By Rich Abdill Tue., May 22 2012 at 11:09 AM
Categories: Ponzi Party
rothstein-levin1.JPG
Levin (left) with Rothstein.
The Securities and Exchange Commission announced today that it has filed a complaint against two of the men who provided investors for Scott Rothstein's Ponzi scheme.

The SEC says George Levin and Frank Preve helped Rothstein raise more than $157 million in his billion-dollar scheme by getting investors to purchase discounted legal settlements that didn't actually exist, lying to investors "that they had procedural safeguards in place to protect investor money when in fact they often purchased settlements without first seeing any legal documents or doing anything to verify that settlement proceeds were actually in Rothstein's bank accounts."
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Frank Preve, George Levin, Scott Rothstein
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Ponzi Party

Scott Rothstein's Ponzi Banks Taking Hits in Civil Cases

By Rich Abdill Fri., May 4 2012 at 8:56 AM
Categories: Ponzi Party
rothstein3.jpg
The banks used by Ponzi schemer Scott Rothstein are still feeling the heat from their involvement in the $1 billion-plus scheme that put him away for 50 years -- in two separate cases this week, the two main banks involved in the scheme saw civil proceedings move forward that could end up costing them millions.

When it comes to Coral Gables-based Gibraltar Private Bank and Trust, we already knew the bank posted a $7.7 million fourth-quarter loss back in February that included $10.1 million in unexplained expenses that were speculated to be in connection with a settlement with Rothstein investors.
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Gibraltar Bank, Scott Rothstein, T.D. Bank
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Ponzi Party

How Rothstein Says Banks Helped Run His Ponzi Scheme, Part 2: T.D. Bank

By Rich Abdill Wed., Feb. 29 2012 at 3:33 PM
Categories: Ponzi Party
td-bank-mascot.jpg
via TheFinancialBrand.com
​We wrote earlier today about the latest settlements going to investors in Scott Rothstein's $1.2 billion Ponzi scheme; investors were awarded $130 million and lawyers at least another $50 million from T.D. Bank and Gibraltar Bank & Trust Co. The previous post covered Rothstein's description of how Gibraltar was complicit (and, in some cases, actively involved) in the scheme.

Here is a selection of answers from Rothstein's deposition on the morning of December 13 that explains how T.D. Bank wasn't just letting Rothstein rip off hundreds of investors but helping him do it.

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Scott Rothstein, T.D. Bank
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Ponzi Party

How Rothstein Says Banks Helped Run His Ponzi Scheme, Part 1: Gibraltar Bank

By Rich Abdill Wed., Feb. 29 2012 at 2:09 PM
Categories: Ponzi Party
rothsteinfirm.jpg
Rothstein (center), Rosenfeldt, Adler.
Update: Also check out part 2, on Rothstein's accusations on the role of T.D. Bank in the scheme.

​Both T.D. Bank and Gibraltar Private Bank & Trust Co. have settled with a group of investors in Scott Rothstein's Ponzi scheme and will pay them $130 million, according to the Miami Herald. Jury selection for the suit was set to start tomorrow.

Gibraltar, based in Coral Gables, will pay $10 million in an agreement reached yesterday. T.D. Bank will pay investors $100 million for losses and $20 million in interest, plus an additional $50 million to investors' attorneys.

The investors, collectively called the Razorback Group, had originally asked for $180 million in damages, according to the Associated Press. T.D. Bank requested that details of the settlement be kept private on Monday, and a hearing on the matter was scheduled for this Friday. Looks to be moot now. 
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Gibraltar Bank, John Harris, Scott Rothstein, Steve Hayworth
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Ponzi Party

Even Scott Rothstein's Secretary Is Facing Five Years in Prison

By Rich Abdill Mon., Feb. 20 2012 at 12:11 PM
Categories: Ponzi Party
rothstein-disguise.jpg
Our best guess on Rothstein's witness protection disguise.
​An administrative assistant for convicted Ponzi schemer Scott Rothstein's law firm pleaded guilty Friday to violations of federal election law. Prosecutors say 42-year-old Marybeth Feiss was integral in Rothstein Rosenfeldt Adler's political power plays, helping Rothstein use part of his $1.2 billion scheme to buy influence in prominent Republican circles by illegally bundling campaign contributions from firm associates.

Rothstein's colleagues would cut checks to politicians and then get reimbursed with money "disguised as bonuses," according to the South Florida Business Journal. Feiss helped organize the laundering scheme.

Rothstein "raised" so much for the McCain-Palin ticket in 2008 that he...

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Marybeth Feiss, Rothstein Rosenfeldt and Adler, Scott Rothstein
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Ponzi Party

George Elia Accused of Running Fort Lauderdale Ponzi Scheme

By Rich Abdill Mon., Feb. 20 2012 at 11:05 AM
Categories: Ponzi Party
madoff monster.jpg
Accuser: He was like this guy, but not as good at his job.
​It's probably not a good sign that a $4 million lawsuit regarding an alleged Ponzi scheme seems like "only" $4 million.

While the accusations against 68-year-old Fort Lauderdale real estate broker George Elia pale in comparison to Scott Rothstein's billion-plus Ponzi scheme, people definitely still got screwed.

While the FBI "cannot confirm or deny the existence of an investigation," Broward investors told the Sun-Sentinel they'd been contacted by investigators about their dealings with Elia, and a recently filed lawsuit lays out accusations of a "massive Ponzi scheme":
[H]e faces a $4 million lawsuit filed by a family alleging that Elia has been running "a massive Ponzi scheme." Bank accounts for his businesses have been frozen because of the litigation, with an accountant finding "significant irregularities," including Elia tapping the businesses to cover personal expenses, court records show.
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George Elia, Michael Imbesi
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Ponzi Party

Scott Rothstein Deposition Sequel in the Works

By Matthew Hendley Mon., Jan. 23 2012 at 8:13 AM
Categories: Ponzi Party
srothstein-Ponzi.jpg
Scott W. Rothstein
​If Scott Rothstein's deposition in Miami last month left something to be desired, we've got good news -- the feds are planning the sequel.

According to federal court documents filed last week, Herbert Stettin -- the Rothstein Rosenfeldt Adler bankruptcy trustee -- has requested another deposition of Rothstein so people who couldn't participate in last month's events could get in on the action.

The order for a hearing on the matter scheduled for February 10 was signed by U.S. District Judge James Cohn and states that neither Rothstein nor the feds oppose deposing Rothstein by "video-conferencing."

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Ponzi Party, Scott Rothstein, Scumbag Scott
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Ponzi Party

Scott Rothstein Claims the Plantation Police Department Had "Cops" and "Friends"

By Matthew Hendley Thu., Jan. 5 2012 at 4:52 PM
Categories: Ponzi Party
srothstein-Ponzi.jpg
On the ninth day of Scott Rothstein's deposition in Miami -- December 22 -- he made a few interesting comments about his relationships with Plantation police officers.

Rothstein was repeatedly prevented from answering questions about law enforcement by Assistant U.S. Attorney Lawrence LaVecchio -- who cited the government's "investigative privilege" -- except on a few occasions.

On that Thursday, though, Rothstein spoke generally about cops from the Plantation Police Department on several occasions, sometimes unprovoked.

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Tags:

Plantation Police Department, Ponzi Scheme, Scott Rothstein, Scumbag Scott
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