The Sun Sentinel has reported that a Broward County resident has been arrested for wire fraud conspiracy in connection with the Scott Rothstein Ponzi scheme.
Our criminal lawyers report that the accused individual is a senior citizen by the name of Frank Preve.
The accused apparently worked for the Banyon Group which apparently managed hedge funds and invested more than $157 million in the Rothstein fraud. Scott Rothstein is currently serving 50 years in a federal prison after admitting to one of the biggest Ponzi schemes in United States history.
The total amount of stolen funds exceeded $1.4 billion. The highly publicized fraud scheme duped investors into believing they were investing with the hopes of high yields generated from sexual harassment or discrimination lawsuits which were alleged to have been handled by Rothstein’s law firm. Criminal lawyer William Moore explained that neither the lawsuits or settlement amounts actually existed. Apparently they were made up in an effort to mislead investors. Preve’s role in the scheme was to obtain and coordinate fraudulent investments according to law enforcement officers.
More information on the Scott Rothstein Ponzi scheme may be obtained by contacting criminal attorney William Moore in Broward County.