By Francisco Alvarado
By Trevor Bach
By Chris Joseph
By Michael E. Miller
By Allie Conti
By Keegan Hamilton and Francisco Alvarado
By Jake Rossen
By Allie Conti
The Miami Heat has reached a settlement to recoup part of what it says was a $3 million loss from its involvement in the $1.4 billion Scott Rothstein Ponzi scheme, according to documents filed last week.
The RRA bankruptcy trust initially sued the Heat and its affiliate, Basketball Properties Ltd., to get back $156,000 Rothstein paid them that lawyers said actually belongs to investors; the Heat responded with a counterclaim saying its company is owed $3 million.
The settlement, first written about by the South Florida Business Journal but not yet approved by the judge, says the claim against the Heat will be dropped and the Heat's claim against RRA will be reduced to $625,000. The team would also be pretty far down on the list of people to get paid back — it gets its money only if investors get 25 percent of their money back and even then on a proportional scale with the other investors.
When are the Feds going after all the Ft. Lauderdale Police Officers and BSO Officers that shared in all the ill gotten gratutities and cash stolen in the ponzi scheme. When is Satz going after the Officers Rothstein provided Paid escorts to? When is the Department going to hold officer accountable for the protection details they worked on city time.