In the Public's Benefit - Installment 2010-1

Attorney Scott W. Rothstein ( Nova Southeastern University's Law School – J.D., 1988) this morning pleaded guilty to all five counts against him in what prosecutors have described as South Florida’s largest investment scam totaling $1.2 billion.
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Rothstein agreed to forfeit the entire $1.2 billion, including 24 parcels, luxury cars, boats, jewelry, sports memorabilia, business interests and bank accounts, much of which had been auctioned off on Saturday.

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"Today's guilty plea is an important step in bringing to justice those who perpetrated a $1.2 billion Ponzi scheme under the guise of operating a legitimate law firm," said U.S. Attorney Jeffrey H. Sloman.

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Last month, Rothstein was charged with five counts of racketeering, fraud and money laundering. According to court records, he admitted to operating a criminal enterprise through which he and others fraudulently obtained money from investors through bogus investments and other schemes between 2005 and November 2009.

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Sentencing has been set for May 6. Rothstein faces up to 100 years imprisonment.

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Why pick on law schools?

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Law schools do not seem to compete for the public's benefit; school reputations currently connote to the public vague expectations of how brazen and arrogant their graduates may behave, rather than the innate integrity of their respective graduates.

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Improving law school admissions standards, although certainly in the public interest, is highly unlikely. After all, law schools are not military academies and most lawyers were never Eagle Scouts nor recipients of Girl Scout equivalent Gold Awards.

Why pick on lawyers?

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A disproportionate percentage of law graduates (hardly 2% of the entire workforce) are currently elected to over 20% of public offices (including 60% of the U.S, Senate and 100% of the U.S. Supreme Court). This presents conflicts of interest and unintended concentrations of authority. Combined with self-serving laws tailored to give incumbents subtle advantages over challengers, the country is in growing peril of a permanent political class.

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Meanwhile, proceeds of the underlying crimes are certainly adequate to provide corruptive influences in government at every level.