In yet more bad news for the structured settlement profession the FBI today put out an announcement for information from the public and investors who had been burned or involved with what they are calling the Rothstein Structure Settlement Investments. (RSSI).
Great, just what we needed as a profession, more traffic and news with our trade name dragged into what looks to be a growing fraud in which the term Structured Settlements was used to lull investors into thinking this scam had the legitimacy and security offered by structured settlements.
What is also distressing is that what looked to be a $100 million scam and limited to a few cases is now being announced by the FBI as potentially exceeding $1 billion in losses and involving a network of individuals who were working with Scott Rothstein.
The Legal Broadcast Network will be following this story closely over the next few week but as a special guest we had Civil Action Attorney Jan Schlichtmann join us today to discuss from the perspective of a trial lawyer the distressing trend of lawyers being implicated in not just frauds, but in the betrayal of their clients and associates all in the name of greed. Watch today's extended interview with Jan Schlichtmann on Voices of the Law and tune in next week as we continue to bring in more commentators and news on this scam, as well as shine light on the "cash now" industry that seems to have been the model for how this program was designed.
Watch Attorney Jan Schlichtmann discuss the Scott Rothstein fraud and the issues confronting trial lawyers nationally regarding the proliferation of "cash now schemes" that are being offered to lawyers, plaintiffs and investors with little or no regulation or oversight.