A Ponzi scheme run out of a Florida law firm has claimed another defendant with the sentencing of former CFO Irene Shannon to five years’ prison for aiding and abetting the scheme that has seen attorney Scott Rothstein (pictured) already serving a 50 year stretch for his role in the $1.2 billion scam.
Irene Shannon, formerly the CFO of one of Fort Lauderdale’s largest law firms, was sentenced to five years in prison for aiding the $1.2 billion Ponzi scheme of her boss, jailed attorney Scott Rothstein.
The 50-year-old, formerly known as Irene Stay, was sentenced to federal prison followed by two years of supervised release on Friday by U.S. District Judge Ursula Ungaro. She previously pleaded guilty to conspiracy to commit money laundering and bank fraud.
Shannon oversaw Rothstein Rosenfeldt Adler’s bank accounts and was aware that investor funds were being frequently transferred between accounts and were not held safely in trust accounts, as the investors were told. Shannon used money from new investors to partially pay previous investors. She also admitted to floating checks between bank accounts to launder money.