It turns out Fort Lauderdale's king Ponzi schemer Scott Rothstein won't rot away in prison for 50 years after all.
Assistant U.S. Attorney Lawrence LaVecchio filed a motion today to reduce Rothstein's prison sentence, although how much they're willing to reduce it hasn't yet been announced.
The filing says they are willing to reduce the sentence for "having provided substantial assistance to the government in the investigation and/or prosecution of others."
The feds waited until the last possible day under federal law to file a motion for a sentence reduction -- one day before the first anniversary of Rothstein's sentencing date of June 9, 2010.
Now, federal prosecutors have requested an essentially open time frame, and request that the judge not act on the motion until they've gotten what they want out of Rothstein.
Here are some of the points listed on the filing:
- Prior to the defendant's guilty plea, the defendant began cooperating with the United States in the investigation of others. The defendant has continued to cooperate with federal law enforcement authorities in its criminal investigation. However, that cooperation is not yet complete and will not be within one year of the defendant's initial sentencing.
- Some of the information provided by the defendant to the government within one year of sentencing has not yet become useful to the government as the investigation is ongoing and has not yet reached fruition.
- Upon completion of the defendant's cooperation, the government will file a motion for a hearing at which time the government will advise the Court of the nature, extent, and value of the defendant's cooperation.
How much longer this will take is anyone's guess.
Rothstein's cooperation with the feds has already led to three arrests -- alleged Mafia men Enrique Ros, Roberto Settineri, and Daniel Dromerhauser -- and his $1.2 billion Ponzi scheme has led to five -- Debra Villegas, Howard Kusnick, Stephen Caputi, William Corte, and Curtis Renie.
Keep New Times Broward-Palm Beach Free... Since we started New Times Broward-Palm Beach, it has been defined as the free, independent voice of South Florida, and we would like to keep it that way. Offering our readers free access to incisive coverage of local news, food and culture. Producing stories on everything from political scandals to the hottest new bands, with gutsy reporting, stylish writing, and staffers who've won everything from the Society of Professional Journalists' Sigma Delta Chi feature-writing award to the Casey Medal for Meritorious Journalism. But with local journalism's existence under siege and advertising revenue setbacks having a larger impact, it is important now more than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" membership program, allowing us to keep covering South Florida with no paywalls.