Posted Sep 04, 2012 08:53 pm CDT
A third attorney from Scott Rothstein’s former South Florida law firm has been disbarred after the implosion of a $1.2 billion Ponzi scheme several years ago.
Steven Lippman was not accused of any role in the Ponzi scheme for which Rothstein, who is now disbarred, is serving a 50-year sentence under the federal witness protection program.
However, Lippman pleaded guilty in May to a single felony count of fraud, and the state bar said Lippman’s disbarment related to a check-kiting scheme used to artificially inflate Rothstein Rosenfeldt Adler bank accounts, as well as bundled RRA campaign contributions that violated federal election law, the South Florida Business Journal reports.
While working for the Rothstein firm, which is now shuttered, Lippman was paid a $600,000 salary, plus personal expenses, and got another $9 million in loans and bonuses over a four-year period, the article says. Lippman has repaid about $700,000 of the money lent to him.
Another former Rothstein attorney, Howard Kusnick, was disbarred previously after pleading guilty to a fraud charge last year.
ABAJournal.com: “Sun-Sentinel: Steven Lippman, Ex-Partner in Rothstein Firm, Will Take Plea in Conspiracy Case”
ABAJournal.com: “Feds Say Ex-Partner Committed Crimes to ‘Dramatically Increase’ Rothstein Law Firm’s Political Power”
ABAJournal.com: “Imprisoned Ex-Attorney Scott Rothstein: Other Lawyers Had Some Knowledge of State’s Biggest Swindle”