When Gordon Gekko said ‘Greed is good’ he probably didn’t have 49 year old Scott W. Rothstein in mind. Rothstein pleaded guilty to a $1.2 billion ponzi scheme on January 26, 2010. He is now serving a 50-year sentence in federal prison.
Ponzi scheme
Rothstein was, by trade, an attorney. Through complex ponzi scheme dealings he began spending a lot of money on some big boys toys.
On the surface he appeared to be an affluent and successful lawyer with all the material trappings of a flamboyant lifestyle. Rothstein had armed body guards and police protection. Twenty-eight city police officials, including captains, majors, undercover officers and the department spokesman, helped guard his home and businesses, the only person in the department’s history to have permanent round-the-clock off-duty police protection at his home.
Excessive spending
Rothstein’s excessive spending levels prompted Michael Goldberg, a Fort Lauderdale attorney who serves as a court receiver in Ponzi cases to state: “Nobody can really be surprised by this spectacular fall – the question wasn’t whether it would happen, but when. How Rothstein was able to generate this kind of money practising law seemed impossible.”
He owned several Ferraris (including an F40), a Bugatti Veyron, a Bentley, two Rolls-Royces, a few vintage Vettes, a Lamborghini, and an SLR-McLaren.
Serious watch collection
In addition to the cars, Rothstein had a serious watch collection (262 watches to be exact) – a collection you’ll be able to bid on through federal auction on July 13th.
Over the years he amassed a clutch of top name Swiss watches. More watches than anyone could possibly wear. And while there are some duds in his collection there a few good Rolexes including one Paul Newman Daytona, some choice Audemars Piguet’s and Pateks and a Harry Winston. There are several rather vulgar diamond covered tourbillons and sparkly show off watches to bid on too.
Auction venue
The July 13th sale is at the Broward County Convention Hall in Fort Lauderdale. Federal auctions often result in some bargain prices so if you’re looking to buy something on the cheap, this could be the place to find it.
The irony is even if the entire collection sells, Rothstein’s still got more time than he could ever have wished for.
Check out the collection:
