PONZI SCHEMER'S BANK IS UP FOR SALE

Mr. & Mrs. Rothstein and V.P. candidate Pallin

A South Florida bank where convicted attorney/Ponzi schemer Scot Rothstein was allowed to have huge overdrafts on his accounts, and where he admittedly was able to transfer funds between his trust accounts and personal accounts at will, is reportedly up for sale. The bank sustained multi-million dollar losses two years in a row, due to massive settlements with Ponzi victims, and overdrafts left hanging when the Ponzi scheme collapsed in a heap.

The bank, which also had money laundering deficiency problems with regulators, suffered severe reputation damage as the result of its association with the Rothstein case. The Ponzi schemer, who was actually a shareholder in the bank, is currently serving a 50 year sentence for his crimes.

With the Governor of Florida

The owners, who reportedly paid $93m to purchase the bank several years ago, could take a loss on their investment in any future sale, as the direct result of the bank's diminished reputation. If there was ever a reason for bankers to scrutunise all bank clients whose success seems too good to be true, the possibility that a client is operating a Ponzi scheme is it.