- Associated Press - Friday, August 29, 2014

MIAMI (AP) — The former chief financial officer of convicted Ponzi schemer Scott Rothstein’s law firm has been sentenced to five years in prison for her role in the $1.2 billion fraud.

Irene Shannon was sentenced Friday after pleading guilty to a conspiracy charge. U.S. District Judge Ursula Ungaro gave the 50-year-old Shannon the maximum sentence.

Court documents show that Shannon oversaw much of the accounting and banking at the now-defunct Rothstein Rosenfeldt Adler law firm and was well aware of the Ponzi scheme. Prosecutors say she was involved in money laundering and a check-kiting scheme to keep the scam afloat.

Rothstein is serving a 50-year prison sentence after pleading guilty to orchestrating the scam, which involved investments in fake legal settlements. More than 20 people have been convicted in the case.


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