Posted by Kathy Bazoian Phelps
October remained a busy month for Ponzi scheme news. Please feel free to post comments about these or other Ponzi schemes that I may have missed. And please remember that I am just relaying what’s in the news, not writing or verifying it.
Douglas L. Bates, 54, pleaded not guilty to charges relating to the Ponzi scheme of Scott Rothstein. Bates, a lawyer, has been accused of being involved in $60 million of the Rothstein fraud. As a condition of Bates’ pre-trial release earlier this year, the court stated that Bates cannot work as an attorney until the criminal case is over. Another lawyer charged in the case, Christina Kitterman, is practicing law while her case is pending.
Alice Belmonte, 47, was charged with a $4 million Ponzi scheme that defrauded 10 investors. Belmonte was a lawyer who took clients’ money to supposedly invest in real estate transactions and delivered forged documents to them to lure then in. Belmonte was disbarred by the New York state bar.