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• To estimate the size of roast you will need by weight, rather than number of ribs, as the size of the eye varies and will affect the final size of your roast. They suggest 1 -1 1/4lbs per person. (see Lobel's chart here)
• To think ahead about the size of your roasting pan. An average dry-aged beef rib bone is approximately 2 inches in length. Do the math ahead of time to make sure your roast will fit in your pan.
• Bring the roast to room temperature before roasting.
• To use an instant read thermometer to test for doneness but to not poke your roast full of holes! You want to keep the juices in the meat. Wait until you are close to the estimated cooking time before you start to test. (see Lobel's chart here)
• Let your roast sit for at least 20 minutes before serving.

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Gallery: The Gingerbread White House 2009

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Investigators with the U.S. Attorney's Office for the Southern District of Florida, the Federal Bureau of Investigation and the Internal Revenue Service are now focusing on co-conspirators who assisted now-disbarred Florida attorney Scott Rothstein carry out a massive $1.2 billion Ponzi scheme.

Rothstein allegedly ran a Ponzi scheme from 2005 through November 2009. Rothstein is believed to have engaged in a pattern of racketeering activity through his law firm, Rothstein, Rosenfeldt, and Adler, P.A., located in Ft. Lauderdale, FL. Specifically, it is alleged that RRA was the criminal enterprise through which Rothstein and co-conspirators fraudulently obtained approximately $1.2 billion from investors through bogus investment and other schemes.

Rothstein and co-conspirators, who have not yet been identified, used the funds obtained through the Ponzi scheme for their own benefit. This included, for example, using the money to fund and operate RRA, to make contributions to federal, state, and local political candidates, and generous donations to public and private charitable institutions.

The money was also used to pay for lavish gifts, including exotic cars, jewelry, boats, cash and bonuses to individuals and members of RRA, to hire local police officers to provide security, and to provide gratuities to high ranking members of police agencies. In addition, the money was used to purchase controlling interests in restaurants and other businesses, and to socialize with politicians and sports figures.

According to the authorities, these expenditures were calculated to enhance Rothstein's reputation and ability to solicit potential investors in the Ponzi scheme, provide an air of legitimacy and credibility to RRA, engender loyalty, and deflect law enforcement scrutiny.

"He spent his clients' money on real estate, cars, yachts, politics and philanthropy, all to create the illusion that he, his law firm, and his schemes were hugely successful," says Acting U.S. Attorney Jeffrey H. Sloman. "Now, the mansions, Ferraris, yachts, the law firm and his friends are gone. He sought to buy power and influence at the expense of his clients, and instead has potentially bought himself a lengthy prison sentence."

The extravagent lifestyle of Scott Rothstein has come to an abrupt halt. The Feds are seeking the forfeiture of $1.2 billion, including 24 pieces of real property, numerous luxury cars, boats, and other vessels, jewelry, sports memorabilia, business interests, bank accounts, and more.

Rothstein has been charged with five criminal charges ranging from racketeering to money laundering, mail and wire fraud. If convicted on all counts, he faces a total maximum sentence of 100 years.

Rothstein, 47, of Fort Lauderdale, FL, made his initial appearance in federal court yesterday before U.S. Magistrate Judge Robin Rosenbaum. He was ordered detained pending trial.

Rothstein's attorney, Marc S. Nurik, didn't return calls seeking comment.

Ponzi Scheme Investigation Turns to Co-Conspirators originally appeared on Luxist on Wed, 02 Dec 2009 10:32:00 EST. Please see our terms for use of feeds.

The Acting U.S. Attorney for the Southern District of Florida, the FBI and the IRS have jointly announced the filing of a five-count Criminal Information charging disbarred Florida attorney Scott Rothstein with one count of conspiracy to violate the Racketeering Influenced Corrupt Organization (RICO) statute; one count of conspiracy to commit money laundering; one count of conspiracy to commit mail fraud and wire fraud; and two counts of wire fraud.

In addition, the Feds are seeking the forfeiture of $1.2 billion, including 24 pieces of real property, numerous luxury cars, boats, and other vessels, jewelry, sports memorabilia, business interests, bank accounts, and more.

Rothstein, 47, of Fort Lauderdale, FL, made his initial appearance in federal court this morning before U.S. Magistrate Judge Robin Rosenbaum. He was ordered detained pending trial. If convicted, he faces a total maximum statutory term of imprisonment of 100 years (20 years on each count).

Rothstein alleged ran a Ponzi scheme from 2005 through November 2009. Rothstein is believed to have engaged in a pattern of racketeering activity through his law firm, Rothstein, Rosenfeldt, and Adler, P.A., located in Ft. Lauderdale, FL. Specifically, it is alleged that RRA was the criminal enterprise through which Rothstein and others fraudulently obtained approximately $1.2 billion from investors through bogus investment and other schemes.

Rothstein and co-conspirators used the law firm to fraudulently induce investors to loan money to non-existent borrowers based upon promissory notes and requests for short-term bridge loans for business financing; and invest funds based upon anticipated pay-outs from purported confidential civil settlement agreements.

As part of the loan scheme, Rothstein and other co-conspirators solicited investors to loan money to purported RRA clients through promissory notes and short-term bridge loans. Rothstein falsely represented to the investors that the purported clients were willing to pay high rates of return on these loans. In the settlement agreement scheme, Rothstein and other co-conspirators allegedly solicited clients to invest in purported civil case settlement funds. Rothstein and his co-conspirators falsely told investors that these settlements ranged in amounts from hundreds of thousands to millions of dollars.

Rothstein falsely represented to investors that these settlements could be purchased at a discount and would be repaid over time to the investors at full face value. In addition, investors were told that these funds would be held in the trust account of RRA. In both instances, the Information alleges that the purported investment vehicles never existed, but were part of an elaborate Ponzi scheme in which new investors' money was used to repay money owed to earlier investors.

According to the authorities, to execute this four-year fraud scheme, Rothstein and his co-conspirators allegedly used multiple bank accounts at TD Bank, N.A., Gibraltar Private Bank and Trust, and other financial institutions to deposit and launder investors' money. As well, to perpetuate and conceal the fraud, Rothstein and his co-conspirators created and caused the creation of false bank documents, false on-line bank account information, and false settlement agreements and promissory notes, which were shown to investors as proof that the settlement and loan monies existed. In fact, however, there were no settlement funds or loan clients and the bank accounts only contained "Ponzi" scheme funds.

To further fund the Ponzi scheme, Rothstein and other co-conspirators allegedly defrauded clients of RRA in a civil suit initiated by RRA on their behalf as plaintiffs. Without the clients' knowledge, RRA settled the lawsuit in favor of the defendant, thereby obligating the clients to pay $500,000 to the defendant in the civil lawsuit. To perpetuate and conceal the fraud, Rothstein and other co-conspirators created a false federal court order, purportedly signed by a Federal District Court Judge, stating that the clients had won the lawsuit and were owed a judgment of approximately $23 million. The false court order also stated that the defendant in the civil suit had transferred the funds to the Cayman Islands to avoid paying the judgment. Rothstein and other co-conspirators falsely advised the clients that to recover those funds, the clients were required to post bonds. In this way, Rothstein caused the clients to wire transfer approximately $57 million to a trust account he controlled, purportedly to satisfy the bonds.

Rothstein and other co-conspirators used the funds obtained through the Ponzi scheme for their own benefit. This included, for example, using the money to fund and operate RRA, to make contributions to federal, state, and local political candidates, and generous donations to public and private charitable institutions. The money was also used to pay for lavish gifts, including exotic cars, jewelry, boats, cash and bonuses to individuals and members of RRA, to hire local police officers to provide security, and to provide gratuities to high ranking members of police agencies. In addition, the money was used to purchase controlling interests in restaurants and other businesses, and to socialize with politicians and sports figures. According to the authorities, these expenditures were calculated to enhance Rothstein's reputation and ability to solicit potential investors in the Ponzi scheme, provide an air of legitimacy and credibility to RRA, engender loyalty, and deflect law enforcement scrutiny.

"Attorneys, like elected officials, hold a special position of trust in our society, and owe a corresponding duty to deal honestly with their clients and to promote their clients' best interests," says Acting U.S. Attorney Jeffrey H. Sloman. "This attorney breached that duty and stole approximately $1.2 billion from clients and investors. He spent his clients' money on real estate, cars, yachts, politics and philanthropy, all to create the illusion that he, his law firm, and his schemes were hugely successful. Now, the mansions, Ferraris, yachts, the law firm and his friends are gone. He sought to buy power and influence at the expense of his clients, and instead has potentially bought himself a lengthy prison sentence."

Added John V. Gillies, Special Agent in Charge of the Miami Office of the FBI: "Scott Rothstein appeared to be a charismatic, reputable attorney one could trust to invest one's money and make a sizeable profit. We now know it was all smoke and mirrors. Rothstein used investors' monies to pay for his extravagant lifestyle. The FBI and its partners will aggressively investigate people who swindle money from others, whether it involves more than a billion dollars or hundreds of thousands of dollars."

Daniel W. Auer, IRS Special Agent in Charge, says "We will continue to move forward with this investigation, wherever it leads, and we will bring to justice those who defrauded the American public and members of our community out of their hard-earned money."

Sloman commended the investigative efforts of the FBI and the IRS in connection with this investigation and thanked the Department of Justice's Organized Crime and Racketeering Section for their assistance. Sloman also noted the cooperative efforts of the Securities and Exchange Commission, Miami Regional Office. The case is being prosecuted by Assistant U.S. Attorneys Lawrence LaVecchio, Paul F. Schwartz, Jeffrey N. Kaplan, and Alison Lehr.

Rothstein's attorney, Marc S. Nurik, didn't return calls seeking comment.

Rothstein Charged in Billion Dollar Ponzi Scheme originally appeared on Luxist on Tue, 01 Dec 2009 15:44:00 EST. Please see our terms for use of feeds.

Scott Rothstein, the disbarred Florida-based attorney who is alleged to have operated a massive Ponzi scheme, was arrested this morning by Federal authorities. He has been charged with five criminal counts, including conspiracy to violate the Racketeering Influenced Corrupt Organization (RICO) statute; conspiracy to commit money laundering; conspiracy to commit mail fraud and wire fraud; and two counts of wire fraud.

If convicted, Rothstein faces a total maximum statutory term of imprisonment of 100 years (20 years on each count).

Rothstein is believed to have operated a massive Ponzi scheme since 2005. Rothstein's law firm, Rothstein, Rosenfeldt and Adler, P.A., was located in Fort Lauderdale, Fla.

Rothstein's attorney, Marc S. Nurik, didn't return calls seeking comment.

According to an amended complaint filed on November 27th in the U.S. District Court, Southern District of Florida by the U.S. Attorney's office, Rothstein solicited clients to investment in settlements, into which putative plaintiffs in civil cases involving sexual harassment and other labor-related issues, had entered into confidential settlement agreements with putative defendants. The potential investors were told that these settlements, which existed in blocks ranging from hundreds of thousands to millions of dollars, could be purchased at a discount and repaid to the investors at face value over time. Clients who agreed to invest were directed by Rothstein or others to wire transferred funds to a trust account managed by Rothstein's firm.

For example, in September 2009, one potential investor was told that he could purchase a settlement valued at $450,000 for $375,000 which would be repaid in increments of $150,000 per month for the following three months, amounting to a yield of 20% over the period (or an annual percentage yield in excess of 80%). The FBI has determined that the investment scheme never existed and was a fraud. In reality, the investment was nothing more than a Ponzi scheme in which new investor money was used to pay previous investors, according to the civil complaint.

Rothstein used the investors' funds to fund bank accounts, purchase luxury vehicles and numerous homes, and an equity investment in Gianni Versace's South Beach mansion, called Casa Casuarina. Rothstein also used $5 million of his investors' funds to buy a luxury condominium at One Beacon Court (151 East 58th Street), coincidentally the same building where now-imprisoned attorney Marc Dreier owned a condo, and also the complex that houses Bloomberg LP. Rothstein was also brazen enough to o donated some of the funds to political campaigns, including one for the

The U.S. Attorney in Florida is suing for forfeiture of various real and personal properties, acquired, owned, obtained, funded or purchased in whole or part by Rothstein. The government is also seeking to seize numerous vehicles, including a Bentley convertible, multiple Ferrari's, several Rolls Royce's, a Hummer, a Bugatti, a Maserati and a Lamborghini. Also mentioned in the civil action are multiple bank accounts, several of which are overseas, including $16 million in cash at a Banco Populaire in Morocco.

The government is also going after Rothstein's equity investments in numerous restaurants including Bova Ristorante, Bova Cucina and Bova Prime, Cafe Iguana in Pembroke Pines, Fla. in addition to many campaign contributions he made totaling more than $151,000. Donations made to the Republican Party of Florida and a $9,600 campaign contribution made to the Florida Governor Charlie Crist, have already been voluntarily turned over to government authorities. Also targeted are Rothstein's charitable contributions, including a $800,000 charitable donation made to Joe DiMaggio Children's Hospital and a $1 million donation made to Holy Cross Hospital

Alison W. Lehr, the Assistant U.S. Attorney which filed the civil complaint, declined to comment. Alicia Valle, Special Counsel to the U.S. Attorney in Florida, was not able to comment at presstime.

Scott Rothstein Arrested by Federal Authorities in Florida originally appeared on Luxist on Tue, 01 Dec 2009 13:32:00 EST. Please see our terms for use of feeds.