Scott Rothstein, the disbarred South Florida attorney accused of running a $1.2 billion investment scam, pleaded guilty to five federal counts including racketeering, fraud and money laundering.
Rothstein, who has been jailed without bail since his Dec. 1 arrest, is focused on returning as much money as possible to investors, according to his attorneys. Rothstein's seized assets -- two dozen pieces of real estate, numerous luxury cars, jewelry, bank accounts and more -- are worth between $60 million and $100 million.
Rothstein faces up to 100 years in prison, but attorney Marc Nurik says he hoped to receive a sentence of roughly 20 years in prison. Sentencing is set for May 6th.
After the hearing, Rothstein's wife Kim read a prepared statement to reporters outside the courthouse.
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Rothstein Enters Guilty Plea; His Wife Speaks Out
Kim Rothstein's Full Statement