Your ties to a Ponzi scheme, even when they do not raise to the level of criminal activity, can result in all your business being examined under a microscope, and any flaws that are found may prove costly to you. Although he has not, as yet, been charged with a crime, one of Ponzi schemer Scott Rothstein's law partners has run into difficulty on another plane. Russell Adler, who was a partner at the Rothstein law firm, has been suspended for a period of 91 days by the Florida bar, which regulates attorneys in the State of Florida.
Adler allegedly made some material misrepresentations of fact, in his purchase of a residence in New York City. He made the purchase with 100% financing, which was prohibited, and failed to disclose this fact. He also stated that he had a substantial partnership interest in the law firm, which was untrue.
If you think that the 91-day suspension period is but a minor inconvenience, think again. Any suspension for a period in excess of 90 days, does not automatically expire; he must prove rehabilitation, and could be required to complete all or part of the exam that lawyers must successfully complete to be licensed in Florida.
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