Alexa

Ex-partner of Ponzi lawyer reaches $500,000 deal

Ex-partner of Ponzi lawyer reaches $500,000 deal

The former partner of convicted Florida Ponzi schemer Scott Rothstein has reached a $500,000 settlement in the bankruptcy case involving their former defunct firm.
Russell Adler reached the agreement with a court receiver trying to recover money from the Fort Lauderdale firm Rothstein Rosenfeldt Adler. The deal avoids a scheduled Feb. 14 trial.
Adler says he mainly settled to avoid the expense and time of a trial. If he pays the first $350,000 within 2 1/2 years, he won't have to pay the entire $500,000.
Adler also says he never knew about Rothstein's $1.2 billion Ponzi scheme mainly involving investments in fake legal settlements.
Rothstein is serving a 50-year prison sentence. The scheme collapsed in October 2009.