Broker Pleads Guilty To $2.4M Fraud

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Broker Pleads Guilty To $2.4M Fraud

Richard L. Pearson, a broker affiliated with Rothstein Rosenfeldt Adler PA and alleged to have played a role in Scott Rothstein’s $1.2 billion Ponzi scheme, pleaded guilty in Florida federal court to a wire fraud charge, noting that he contributed to investors losing $2.4 million.

Pearson and Rothstein Rosenfeldt Adler attorney David Boden had each been charged with one count of conspiracy to commit wire fraud, admitting that they received commissions directly from a group investing in Rothstein’s scheme without informing the investors that Rothstein paid them an additional commission.

Federal authorities plan to show, if the case goes to trial, that the group invested roughly $3.3 million with Rothstein, paying a commission directly to Pearson who also received a commission from Rothstein. In sum, the investors were allegedly scammed out of $2.4 million because of Boden and Pearson’s misrepresentations and omissions.

Pearson will face a maximum of five years imprisonment and could be ordered to pay as much as $250,000 in restitution, according to his plea deal. He will be sentenced on January 9, 2015.

If you or someone you know has lost money as a result of an investment or Ponzi scheme, please contact Richard Frankowski at 888-741-7503 to discuss your potential legal remedies or complete the contact form.

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