Summary
Scott Rothstein was born in June 10, 1962 in the city of Bronx, NY. He later moved as a teenager to Lauderhill, FL with his parents. He graduated with Bachelor of Arts from University of Florida in 1984 and he had his Juris Doctor degree from Nova Southeastern University’s Law school, Fort Lauderdale, FL in 1988. Scott Rothstein started his law in 1988 and, for nearly fifteen years, he was not popular even though his local mentors (Donald McClosky and Bill Scherer) were wealthy attorneys.
Scott Rothstein decided to open a law firm in Ft. Lauderdale, Florida, and he was determined to make his law firm the heaviest of other law firms, largest, and wealthy. In order to raise a capital and cash to achieve his ambition, Scott Rothstein made…show more content… Scott Rothstein was on the top of the world as the head of one of the largest law firm in south Florida, Scott Rothstein had it all, high priced real estates, fancy cars, gold watches, political connections and enormous philanthropist for local charities. Scott Rothstein spent money like someone who will never broke, but when he did, the secret deals are revealed. Scott Rothstein himself readily admitted to obsessive acquisition and possession of materials. I think the decision of the government to imprison and auction the remains of Scott Rothstein fallen empire will send a message to future schemers. Also, the decision to return the stolen money donated to the Florida governor, Charlies Crist and other politicians, and charities like Holy Cross Hospital and Joe DiMaggio’s Children’s Hospital was necessary to get money back to the people defrauded by Scott Rothstein. However, the return of the much need fund donated to the charities like the hospitals would force the hospitals to cut services to the public and lay off of employees. The American Express agreeing to pay back a portion of the $21 million Scott Rothstein charged to the credit card in just 4 years could prompt regulations to monitor the activities of the credit card companies. Now that Scott Rothstein serving prison term in Federal prison in a witness protection program, his sudden rise and stunning collapse left the town of Fort Lauderdale with the fact that the town was taken for a ride. In conclusion, any financial investment with more than 10% rate of return should sound a bell of illegitimate transactions. Also, reputation should be built and not be bought. Behind every great fortune, there is a possibility of great
