Rothstein to plead guilty in Ponzi scheme

Posted by Rachel Leigh - email

FORT LAUDERDALE, FL (WFLX) - New details about a billion dollar South Florida investment scam involving a once powerful lawyer who rub elbows with the state's elite.

Scott Rothstein will plead guilty. Rothstein's lawyer say he's already negotiating the terms of the deal.

Rothstein's lawyer says no details have been finalized, but he'll announce the planned guilty plea at a federal court hearing Wednesday asking a judge to set a future date for it to occur.

Right now, Rothstein remains in jail charged with racketeering, conspiracy and fraud. He originally pleaded not-guilty last month.

Prosecutors say he bilked thousands of investors in a scheme involving phony legal settlements. The charges carry a maximum of 100 years in prison.

Rothstein's former Fort Lauderdale law firm is now defunct and his luxury cars, properties and bank accounts have been seized by investigators.

After Wednesday's plea announcement, the judge will set a date for Rothstein to officially plead guilty. That will then be followed by his sentencing. All of this won't fully end for at least for a few months.