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Ponzi scheme investor to make amends
FORT LAUDERDALE, Fla., A hedge fund manager in Florida will pay $5 million and sacrifice most of his assets to make up for funneling funds to a $1.4 billion Ponzi scheme.
George Levin, manager of Banyon investment firm, channeled $830 million to the scheme set up by attorney Scott Rothstein, the South Florida Sun-Sentinel reported Tuesday.
The court agreed to let Levin keep his $4.2 million home in Fort Lauderdale and about $750,000. Beyond that, Levin, who is said to be worth about $100 million, will divest himself of his remaining assets, keeping 15 percent and giving 85 percent to the court.
Levin has not admitted he was aware the Rothstein investments were a Ponzi operation -- a scheme in which money from new investors pays the dividends to established investors to bolster the schemer's credibility. Meanwhile, few legitimate investments, if any, are being made.
FORT LAUDERDALE, Fla., A hedge fund manager in Florida will pay $5 million and sacrifice most of his assets to make up for funneling funds to a $1.4 billion Ponzi scheme.
George Levin, manager of Banyon investment firm, channeled $830 million to the scheme set up by attorney Scott Rothstein, the South Florida Sun-Sentinel reported Tuesday.
The court agreed to let Levin keep his $4.2 million home in Fort Lauderdale and about $750,000. Beyond that, Levin, who is said to be worth about $100 million, will divest himself of his remaining assets, keeping 15 percent and giving 85 percent to the court.
Levin has not admitted he was aware the Rothstein investments were a Ponzi operation -- a scheme in which money from new investors pays the dividends to established investors to bolster the schemer's credibility. Meanwhile, few legitimate investments, if any, are being made.
